Restoration. In the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate this Lease by giving written notice to Tenant of such termination within ninety (90) days after the occurrence of such damage or destruction.
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during is damaged as the term hereof from any causeresult of an event of casualty, except if due then subject to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinprovisions below, Landlord shall, to shall repair that damage as soon as reasonably possible unless: (i) Landlord reasonably determines that the extent cost of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third would exceed ten percent (33-1/310%) of the full replacement cost thereof at of the time Building (“Replacement Cost”) and the damage is not covered by Landlord’s fire and extended coverage insurance (or by a normal extended coverage policy should Landlord fail to carry that insurance); or (ii) Landlord reasonably determines that the cost of such repair would exceed twenty-five percent (25%) of the Replacement Cost; or (iii) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the Replacement Cost and the damage or destructionoccurs during the final twelve (12) months of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, or if Landlord shall so notify Tenant in the sole opinion of Landlord the restoration “Casualty Notice” (as defined below), and this Lease shall terminate as of the demised premises candate of delivery of that notice.
(b) As soon as reasonably practicable following the casualty event but not be completed within six later than sixty (660) months from days thereafter, Landlord shall notify Tenant in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the occurrence Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds two hundred seventy (270) days and if the damage is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madePremises, then Landlord Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord within ninety ten (9010) days following delivery of the Casually Notice.
(c) To the extent and for the period that Landlord is entitled to reimbursement from the proceeds of rental interruption insurance carried by Landlord as part of Operating Expenses, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of Tenant or its employees, subtenants, contractors, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements, fixtures and other items that Tenant is obligated to repair or insure pursuant to Article VII, Exhibit D, or any other provision of this Lease; provided, however, that if and to the extent Landlord receives insurance proceeds for damage to interior leasehold improvements, as reasonably determined by Landlord after first applying any proceeds to damage in areas other than tenant suites, then Landlord shall, subject to the occurrence rights of such damage any mortgagee or destructionground lessor, make those excess proceeds available for repair of the affected leasehold improvements.
Appears in 1 contract
Restoration. In the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause (a) If at any time during the last Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within sixty (60) days after such damage as to the amount of time. Landlord or Landlord’s architect or general contractor reasonably estimates it will take to restore the Premises. If Landlord or Landlord’s architect or general contractor estimates the restoration time to exceed 180 days from the date Landlord receives all permits, approvals, and licenses required to begin construction, then Tenant may request in writing within five (5) days following Landlord’s notice that Landlord select a third-party professional construction manager, subject to Landlord’s reasonable approval, to estimate the time it will take to restore the Premises. If Landlord and Tenant cannot mutually agree within three (3) business days of Tenant’s request as to the identity of such third-party professional construction manager, then Landlord and Tenant shall each nominate a professional construction manager, who shall, within two (2) years business days thereafter, jointly select one professional construction manager in Dallas, Texas to determine the time needed to restore the Premises (and the determination of such third professional construction manager shall be made as soon as reasonably practicable [but in no event more than 45 days following the term hereof or in the event the demised premises aredamage], or the building in which the demised promises are situated isshall be deemed final, damaged or destroyed by any cause or casualty and, notwithstanding anything else to the extent of contrary in this Lease, may not less than thirty-three and one-third percent (33-1/3%) of be arbitrated or thereafter disputed by the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord parties hereto). If the restoration of the demised premises cannot be completed within six (6) months time is estimated to exceed 180 days from the occurrence of the damage date Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord Tenant may elect to terminate this Lease upon notice to the other party given no later than thirty (30) days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord or Landlord’s architect or general contractor estimates that restoration will take 180 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by giving Tenant or by Landlord and paid by Tenant, subject to delays not caused by Landlord arising from CONFIDENTIAL & PROPRIETARY Subject to Audit Protective Agreement the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays not caused by Tenant arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord or Landlord’s architect or general contractor reasonably estimates that it will take more than thirty (30) days to repair such damage.
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant of such termination within ninety thirty (9030) days after the occurrence such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination.
(c) If such damage or destructiondestruction is caused by the act(s) or omission(s) of Tenant, its employees, agents or contractors, Tenant shall pay to Landlord with respect to any damage to the Premises and/or Project the amount of the commercially reasonable deductible under Landlord’s insurance policy within ten (10) days after presentment of Landlord’s invoice. Base Rent and Operating Expenses shall be abated on a reasonable basis for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein. Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Assignment of Lease
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinis damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Share); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an event of default by Tenant has occurred and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof continuing at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises Term. Should Landlord elect not to repair the damage for one of the preceeding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, or if in earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the sole opinion Premises within two hundred seventy (270) days after the date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises, but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant's insurance described in Exhibit D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of such termination within ninety Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(90e) days after Tenant shall fully cooperated with Landlord in removing Tenant's personal property and any debris from the occurrence Premises to facilitate all inspections of such the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Sources: Industrial Lease (Sionix Corp /Ut/)
Restoration. In the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due If Landlord does not terminate this Lease pursuant to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinSection 17.01, Landlord shall, within fifteen (15) days after receipt by Landlord of the Proceeds payable in respect of such fire or other casualty, proceed with reasonable diligence to repair and restore the Building (subject to Force Majeure) to substantially the same condition in which it was immediately prior to the occurrence of the casualty to the extent of the proceed available Proceeds. Landlord shall not be required to rebuild, repair, or replace any part of Tenant's furniture, furnishings or fixtures or equipment. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair thereof, except that, Landlord shall allow Tenant a fair diminution of Rent during the time and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and extent the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completionPremises are unfit for occupancy. With respect to Notwithstanding any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms provision of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m Section 17.02 to the contrary, in if Landlord shall not have commenced such repair or restoration within seventy five (75) days following such casualty or having commenced such repairs or restoration, the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two Premises are not readied for occupancy within nine (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (69) months from following such casualty, Tenant shall have the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect option to terminate this Lease Lease, exercised by giving written notice (together with payment by certified or cashier's check in an amount equal to Tenant the unamortized value of such termination the capital items incorporated into the Tenant's Finishes for Tenant's particular use of the Premises) within ninety seven (907) days after the occurrence expiration of such damage or destructionsaid nine (9) month period.
Appears in 1 contract
Sources: Net Lease (Kofax Image Products Inc)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice of Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair is not available from Landlord’s insurance, including without limitation earthquake insurance, plus such additional amounts Tenants elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an uncured Event of which Default by Tenant has occurred; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing (“Landlord’s Notice”) within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord’s Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord’s Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord’s Notice neither an Event of Default exist nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord’s Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord’s Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of damage of (ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises. If Tenant fails to provide such termination notice within such tem (10) day period, Tenant shall be deemed to have waived any termination right under this Section 11.1(b) or destructionany other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3)
Appears in 1 contract
Sources: Lease (Devax Inc)
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part is damaged as the result of an event of casualty, then subject to the provisions below, Landlord shall repair that damage as soon as reasonably possible unless: (i) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the full replacement cost of the Building (“Replacement Cost”) and the damage is not covered by Landlord’s fire and extended coverage insurance (or by a normal extended coverage policy should Landlord fail to carry that insurance); or (ii) Landlord reasonably determines that the cost of repair would exceed twenty-five percent (25%) of the Replacement Cost; or (iii) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the Replacement Cost and the damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing (“Landlord’s Notice”) within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord’s Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord’s Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord’s Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord’s Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord’s Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of such damage or destruction(ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 1l.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter, so long as insurance proceeds from insurance required to be carried by Tenant are made available to Landlord. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3)
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinapart is damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Share); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an event of default by Tenant has occurred and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof continuing at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default trader this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, or if in earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the sole opinion Premises within two hundred seventy (270) days after the date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises, but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant's insurance described in EXHIBIT D.
(d) Notwithstanding the provisions of subsections (a), (b) and (e) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of such termination within ninety Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(90e) days after Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the occurrence Premises to facilitate all inspections of such the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Sources: Industrial Lease (Sensar Corp /Nv/)
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during is damaged as the term hereof from any causeresult of an event of casualty, except if due then subject to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinprovisions below, Landlord shall, to shall repair that damage as soon as reasonably possible unless: (i) Landlord reasonably determines that the extent cost of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third would exceed ten percent (33-1/310%) of the full replacement cost thereof at of the time Building (“Replacement Cost”) and the damage is not covered by Landlord’s fire and extended coverage insurance (or by a normal extended coverage policy should Landlord fail to carry that insurance); or (ii) Landlord reasonably determines that the cost of such repair would exceed twenty-five percent (25%) of the Replacement Cost; or (iii) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the Replacement Cost and the damage or destructionoccurs during the final twelve (12) months of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, or if Landlord shall so notify Tenant in the sole opinion of Landlord the restoration “Casualty Notice” (as defined below), and this Lease shall terminate as of the demised premises candate of delivery of that notice.
(b) As soon as reasonably practicable following the casualty event but not be completed within six later than sixty (660) months from days thereafter, Landlord shall notify Tenant in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the occurrence Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds two hundred seventy (270) days and if the damage is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madePremises, then Landlord Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord within ninety ten (9010) days after following delivery of the occurrence Casualty Notice.
(c) To the extent and for the period that Landlord is entitled to reimbursement from the proceeds of such rental interruption insurance carried by Landlord as part of Operating Expenses, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the tot al floor area of the Premises.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, but subject to Section 10.5, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or destructiontermination rights, if the damage is due to the fault or neglect of Tenant or its employees, subtenants, contractors, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any Tenant Installations, fixtures and other items that Tenant is obligated to insure pursuant to Exhibit D or any other provision of this Lease.
Appears in 1 contract
Restoration. In the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due If Landlord does not terminate this Lease pursuant to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinSection 17.01, Landlord shall, to the extent within seventy-five (75) days after receipt by Landlord of the Proceeds payable in respect of such fire or other casualty, proceed available with reasonable diligence to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building restore the Building (subject to Force Majeure) to substantially the same condition in which said building it was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the occurrence of the casualty; provided, and the replacement however, that (i) Landlord shall not be required to rebuild, repair or replace any part of its stock-in-trade, trade fixture, Tenant's furniture, furnishings and furnishings, fixtures or equipment and all of which Tenant shall commence be obligated to rebuild, repair and replace and (ii) in no event shall Landlord be obligated to spend in connection with such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession an amount in excess of the demised premises Proceeds actually received by Landlord and allocable thereto. Landlord shall diligently pursue not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such work damage or the repair thereof, except that Landlord shall allow Tenant a fair diminution of Rent during the time and installation to completionthe extent the Premises are unfit for occupancy. With respect to any damage a destruction which Landlord If such repair and restoration is obligated to repair or any elect to repair order not substantially completed within two hundred forty (240) days from the terms date of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurancesuch damage, or by any cause at any time if such damage shall occur during the last two (2) years year of the term hereof or in Term, Tenant shall have the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect right to terminate this Lease by giving on written notice to Tenant Landlord. If this Lease is so terminated, Rent should be abated as of the date of such termination within ninety (90) days after the occurrence of such damage or destructiondamage.
Appears in 1 contract
Sources: Office Lease (Allaire Corp)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair is not available from Landlord's insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an uncured Event of which Default by Tenant has occurred; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing ("LANDLORD'S NOTICE") within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord's Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord's Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord's Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord's Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord's Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of such damage or destruction(ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant's continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 11.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as deemed in Section 7.3)
Appears in 1 contract
Sources: Lease Agreement (Telenetics Corp)
Restoration. In (a) If the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinBuilding is damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within proportionate share); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement date of the damage; (iii) Tenant has defaulted in one or more of its stock-in-trade, trade fixture, furniture, furnishings material obligations under this Lease and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord default is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof continuing at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, or if in earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the sole opinion Premises within two hundred seventy (270) days after the date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Building that is rendered unusable by the damage from time to time bears to the total floor area of the Building, but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant's insurance described in EXHIBIT D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of such termination within ninety Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(90e) days after Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the occurrence Premises to facilitate all inspections of such the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Restoration. In Subject to the event provisions of Paragraphs 9.3, 9.4 and 9.5, if, during the Term, there is any Premises Damage to any portion of the partial Improvements (but not Tenant's Trade Fixtures, Fixture Work or total damage or destruction of the building of personal property, which the demised premises are a part during the term hereof from any cause, except if due shall be Tenant's obligation to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, repair at Tenant's sole cost and expense) then Landlord shall, at Landlord's expense subject to Paragraph 9.3(a), promptly and diligently repair and restore the Improvements so damaged to the extent condition of the proceed available to Landlord from the insurance referred to such Improvements in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in existence immediately prior to such damage as soon as reasonably possible and this Lease shall continue in full force and effect; provided, however, that Tenant shall, at Tenant's election, make the repair of any damage or destructiondestruction to the Improvements the total Restoration Cost of which is reasonably estimated by Tenant to be Ten Thousand Dollars ($10,000.00) or less, provided and, in such repairs event following ten (10) days prior written notice to Landlord (to the extent Landlord is required to pay for or perform such item under the Lease), Landlord shall reimburse Tenant for all Restoration Costs (not exceeding $10,000 per casualty event) incurred by Tenant with respect to such repair within thirty (30) days of Landlord's receipt of a reconstruction can reasonably detailed invoice therefor (accompanied by reasonable supporting documentation). Landlord shall be made under then existing laws and regulations. In entitled to the event full proceeds of such reconstructionany insurance coverage for the Improvements, whether carried by Landlord or Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior damage to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premisesPremises. Notwithstanding anything above m to the contrarycontrary contained herein, in the event (and to the demised promises ere partially extent) of (i) the occurrence of damage or totally damaged destruction to the Premises that requires the repair or destroyed by a cause or casualty other than those covered by said insurance, or by restoration of any cause at any time during the last two Alteration (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent the same is not just a replacement of not less than thirty-three an original Improvement) and one-third percent (33-1/3%ii) of the replacement cost thereof at the time of such damage repair or destructionrestoration is not covered by the insurance required to be carried by Landlord (or otherwise carried by Landlord), or if in the sole opinion of Landlord the restoration of the demised premises canshall not be completed within six (6) months from required to undertake or bear the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate this Lease by giving written notice to Tenant cost of such termination within ninety (90) days after the occurrence of such damage repair or destructionrestoration.
Appears in 1 contract
Sources: Industrial/Commercial Lease (Factory 2 U Stores Inc)
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinis damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Share); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an event of default by Tenant has occurred and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof continuing at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, or if in earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the sole opinion Premises within two hundred and seventy (270) days after the date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises, but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant's insurance described in Exhibit D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of such termination within ninety Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(90e) days after Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the occurrence Premises to facilitate all inspections of such the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may required.
Appears in 1 contract
Sources: Industrial Lease (Jni Corp)
Restoration. In (a) If the event Premises are damaged by fire or other casualty, or if the Building is damaged such that Tenant is deprived of reasonable access to the Premises, Tenant shall give prompt notice to Landlord, and Landlord shall repair the core and shell of the partial Premises and all Building Systems (or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due damaged portion thereof) up to the negligent acts or emissions point of Tenant its agents or employees, or connection to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinPremises, Landlord shallat its expense, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately thereof prior to such damage the damage, subject to the provisions of this Article 14, and of any Mortgage or destructionSuperior Lease. Landlord shall have no obligation to repair or restore, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, Tenant shall at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of replace Tenant's Work" in Exhibit B Property, and all any Alterations or improvements within to the Premises as those existing immediately (including the Initial Installations), to substantially the condition prior to the casualty, and damage. So long as Tenant is not in default beyond applicable grace or notice provisions in the replacement payment or performance of its stock-in-tradeobligations under this Section 14.1, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord then until the restoration of the demised premises cannot be completed within six (6) months from the occurrence core and shell of the damage Premises is Substantially Completed or destructionwould have been Substantially Completed but for Tenant Delay, Fixed Rent, Tenant's Tax Payment and Tenant's Operating Payment shall be abated or if reduced in the proportion by which the area of the part of the Premises which is not usable (or accessible) and is not used by Tenant bears to the total area of the Premises. Nothing set forth in this Section 14.1 shall be interpreted to limit Landlord's right to repair or restore all or any portion of the Premises at such time and in such manner as Landlord deems appropriate in Landlord's sole opinion judgment, and no such repair or restoration shall constitute a waiver by Landlord of Landlord repairs cannot be adequately made, then Landlord may elect to terminate any of Landlord's rights set forth in this Lease by giving written notice to Tenant of such termination within ninety (90) days after the occurrence of such damage Section 14.1 or destructionelsewhere in this Lease.
Appears in 1 contract
Sources: Lease (Sports Club Co Inc)
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during is damaged as the term hereof from any causeresult of an event of casualty, except if due then subject to the negligent acts or emissions provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of Tenant its agents or employees, or the Term remaining on the date of the casualty; (ii) any Mortgagee (defined in Section 13.1) requires that the insurance proceeds be applied to the failure on payment of the part mortgage debt; or (iii) proceeds necessary to pay the full cost of Tenant the repair (excluding deductibles) are not available from Landlord’s insurance, including without limitation earthquake insurance. Should Landlord elect not to perform or observe any repair the damage for one of Tenants covenants or conditions contained hereinthe preceding reasons, Landlord shallshall so notify Tenant in the “Casualty Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice.
(b) As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the extent Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds 270 days and if the damage is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madePremises, then Landlord either party may elect to terminate this Lease by giving written notice to the other within 10 days following delivery of the Casualty Notice; provided, however, that Landlord shall not have the right to so terminate this Lease unless it also terminates the leases of all other tenants similarly affected by the Casualty. In addition, if, during the last 6 months of the term of the Lease or any extension thereof, twenty percent (20%) or more of the Premises is damaged or destroyed, or if any damage or destruction would take more than 60 days to repair, Tenant shall have the right to terminate the Lease as of such termination within ninety (90) days after the occurrence date of such damage or destructiondestruction by written notice to Landlord, given within ten (10) business days after Tenant’s receipt of the Casualty Notice.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to Section 11.1(b), Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Alterations. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Alterations.
(d) From and after the casualty event, the rental to be paid under this Lease shall be abated in the same proportion that the Floor Area of the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises.
(e) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section 11.1, but subject to Section 10.4, Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the gross negligence or willful misconduct of Tenant or its employees, subtenants, contractors, invitees or representatives.
Appears in 1 contract
Sources: Lease (AutoWeb, Inc.)
Restoration. In the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause (a) If at any time during the last two Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within [***] (2[***]) years days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises ("Completion Estimate"). If the restoration time is estimated to exceed [***] ([***]) months following the date Landlord learns of the term hereof damage, then, Tenant may elect to terminate this Lease, and if the restoration time is estimated to exceed [***] ([***]) months following the date Landlord learns of the damage, then, Landlord may elect to terminate this Lease, in each case upon notice to the other party given no later than [***] ([***]) days after the date of delivery of the Completion Estimate. If neither party elects to terminate this Lease then Landlord shall promptly restore the Premises (excluding any Tenant Improvements and/or Tenant-Made Alterations) provided, if the Premises are destroyed or in the event the demised premises are, or the building in which the demised promises are situated is, substantially damaged or destroyed by any cause or casualty peril not covered by the insurance required to the extent of not less than thirty-three be maintained by Landlord hereunder, and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage was not caused by Landlord's gross negligence or destructionwillful misconduct, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate this Lease by giving written notice to Tenant, provided, further, however, Tenant may elect to override Landlord's election by giving notice of such election ("Tenant's Override Notice") and paying any amounts necessary to restore the Premises not covered by the insurance maintained (or required to be maintained) by Landlord hereunder within [***] ([***]) Business Days after Tenant's receipt of Landlord's termination notice to Landlord, whereupon Landlord's termination notice shall be of no force or effect, and Landlord's restoration obligations shall again apply. If Tenant fails timely to deliver Tenant's Override Notice or timely to pay the shortfall, then Tenant shall have no further rights under this section and the Lease will terminate as set forth above. For purposes of this Paragraph 15, an uninsured casualty does not include a hazard or peril that Landlord is required to insure against hereunder, but for which the cost to repair the damage and undertake the restoration work is less than the deductible on Landlord's insurance policy(ies). If Landlord’s restoration work exceeds the anticipated completion date set forth in the Completion Estimate by more than [***] ([***]) days, subject to Force Majeure and delays caused by Tenant, then Tenant shall again have the right to terminate the Lease by written notice to Landlord provided, however, if Landlord substantially completes the restoration in said [***] ([***]) day notice period, Tenant's notice of termination shall be null and void and this Lease shall continue in full force and effect. In addition, Tenant may terminate this Lease if the Premises are damaged during the last [***] ([***]) months of the Lease Term and Landlord reasonably estimates that it will take more than [***] ([***]) [***] following the date that Landlord learns of the damage to repair such damage. Base Rent and Tenant's Proportionate Share of Operating Expenses shall be abated for (i) the period of repair and restoration by Landlord in the proportion which the area of the Premises, if any, that is rendered unusable for the reasonable conduct of Tenant's business because of the casualty or related restoration work bears to the total area of the Premises, and (ii) for such additional period reasonably required for Tenant's restoration of Tenant Improvements and/or Tenant-Made Alterations or equipment installed by Tenant but only to the extent that Landlord has rent loss insurance proceeds with respect to such additional period. If Tenant or Landlord terminates the Lease pursuant to the terms of this Paragraph 15, then notwithstanding anything to the contrary in this Lease, (i) Tenant shall have no restoration obligations, (ii) Landlord shall return the Letter of Credit to Tenant within ninety [***] (90[***]) days after Lease termination, (iii) Tenant shall be entitled to retain all insurance proceeds of any type, and in any amount, payable pursuant to Tenant’s insurance policies, and neither Landlord nor Landlord’s lender shall have any claim or right to said proceeds, and (iv) Landlord shall be entitled to retain all insurance proceeds of any type, and in any amount, payable pursuant to Landlord’s insurance policies, and Tenant shall have no claim or right to said proceeds. Notwithstanding the occurrence foregoing, if all or any portion of such Premises are wholly or partially damaged or destroyed as a result of the willful misconduct of Tenant or any Tenant Party, then Tenant shall (i) not be entitled to terminate this Lease (notwithstanding the provisions of subparagraph (a) above), and (ii) pay to Landlord the full amount of the deductible under Landlord's insurance policy (which deductible shall be commercially reasonable, based on the deductibles of other institutional owners of commercial properties similar to the Premises in the market in which the Premises is located), and this Lease shall continue in full force and effect without any abatement or reduction in Base Rent or Operating Expenses or other payments owed by Tenant. The provisions of this Paragraph 15 shall constitute Tenant's sole and exclusive remedy in the event of damage or destruction to the Premises or Project, and Tenant waives and releases all statutory rights and remedies in favor of Tenant in the event of damage or destruction, including without limitation those available under California Civil Code Sections 1932 and 1933(4). No damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant's business, or any annoyance, arising from any damage or destruction of all or any portion of the Premises or Project.
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during part, or the term hereof from any causeparking areas for the Building, except if due are damaged as the result of an event of casualty, then subject to the negligent acts or emissions provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of Tenant its agents or employees, or the Term remaining on the date of the casualty; (ii) any Mortgagee (defined in Section 13.1) requires that the insurance proceeds be applied to the failure payment of the mortgage debt; or (iii) proceeds necessary to pay the full cost of the repair are not available from Landlord’s insurance, including without limitation earthquake insurance. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the “Casualty Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice. If Landlord has the right to terminate this Lease pursuant to this Section 11.1(a), Landlord agrees to exercise such right in a nondiscriminatory fashion among tenants in the Building. Consideration of the following factors in arriving at its decision shall not be deemed discriminatory: length of term remaining on the part of Tenant Lease, time needed to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building restore, costs of repair and restoration not covered by insurance proceeds, Landlord's plans to substantially repair and restore Common Areas serving the same condition which said building was in immediately prior to such damage or destructionPremises, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible Landlord's plans for the repair and restoration of all items the Building, and other factors (other than the rental rates payable under the leases in question) relevant to Landlord's decision as long as they are applied to Tenant in the same manner as other tenants.
(b) As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the Casualty Notice shall set forth in "Description of the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds 180 days and if the damage is so extensive as to reasonably prevent Tenant's Work" in Exhibit B ’s substantial use and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession enjoyment of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madePremises, then Landlord either party may elect to terminate this Lease by giving written notice to the other within 10 days following delivery of the Casualty Notice. In addition, if (i) the Premises have been materially damaged and there is less than 1 year of the Term remaining at the date of casualty, and (ii) the material damage is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the Premises, then Tenant may elect to terminate this Lease by written notice to Landlord within 15 days following the date of the casualty.
(c) n as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant's insurance with respect to any Tenant Installations; provided if the estimated cost to repair such Tenant Installations exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier, the excess cost of such termination within ninety repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Tenant Installations.
(90d) days From and after the occurrence 6th business day following the casualty event, the rental to be paid under this Lease shall be abated in the same proportion that the Floor Area of such the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises. Notwithstanding the foregoing, if the Premises are partially destroyed and the remaining portion is not usable for Tenant's business purposes, the rental abatement described herein shall apply to the entire Premises.
(e) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section 11.1, but subject to Section 10.5, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or destructiontermination rights, if the damage is due to the willful misconduct of Tenant or its employees, subtenants, contractors, invitees or representatives. In addition, the provisions of this Section 11.1 shall not be deemed to require Landlord to repair any Tenant Installations, fixtures and other items that Tenant is obligated to insure pursuant to Exhibit D or under any other provision of this Lease, except as expressly provided in Section 11.1(c).
Appears in 1 contract
Sources: Lease Agreement (Lantronix Inc)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair are not available from Landlord’s insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an Event of which Default by Tenant has occurred; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing (“Landlord’s Notice”) within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord estimates that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord’s Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord’s Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord’s Notice neither an Event of Default exists nor has Landlord delivered to Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord’s Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord’s Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of damage or (ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 1l.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter. Landlord’s repair of material damage shall be at Landlord’s sole cost and expense except for any insurance deductible (for which Tenant shall be responsible for Tenant’s Share). Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3) constructed by Tenant as part of Landlord’s repair of material damage, in which case Tenant shall make available to Landlord upon demand insurance proceeds from insurance required to be maintained by Tenant. If Landlord elects to repair or replace such leasehold improvements and/or Alterations, all insurance proceeds available for such repair or replacement shall be made available to Landlord. Landlord shall have no liability to Tenant in the event that the Premises or the Building has not been fully repaired within the time period specified by Landlord in Landlord’s Notice to Tenant as described in Section 11.1(a). Notwithstanding the provisions of this Article XI, the repair of damage to the Premises to the extent such damage is not material shall be governed by Sections 7.1 and 7.2.
(d) Commencing on the date of such material damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the Floor Area of the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises, as determined by Landlord, but only to the extent that Landlord is entitled to reimbursement from the proceeds of the business interruption insurance required to be maintained by Tenant pursuant to Exhibit D.
(e) Landlord shall not be required to repair or replace any improvements or fixtures that Tenant is obligated to repair or replace pursuant to Section 7.1 or any other provision of this Lease and Tenant shall continue to be obligated to so repair or replace any such improvements or fixtures, notwithstanding any provisions to the contrary in this Article XI. In addition, but subject to the provisions of Section 10.5, in the event the damage or destructiondestruction to the Premises or Building are due in substantial part to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives, the costs of such repairs or replacement to the Premises or Building shall be borne by Tenant, and in addition, Tenant shall not be entitled to terminate this Lease as a result, notwithstanding the provisions of Section 11.1(b).
(f) Tenant shall fully cooperate with Landlord in removing Tenant’s personal property and any debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant’s rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Sources: Lease Agreement (Illumina Inc)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair is not available from Landlord’s insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its sole and absolute option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an uncured Event of which Default by Tenant has occurred and is continuing; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing (“Landlord’s Notice”) within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord’s Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord’s Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord’s Notice neither an Event of Default exists and is continuing nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within thirty (30) days following delivery of Landlord’s Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord’s Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of such damage or destruction(ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises. If Tenant fails to provide such termination notice within such thirty (30) day period, Tenant shall be deemed to have waived any termination right under this Section 11.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter, so long as insurance proceeds from insurance required to be carried by Tenant are made available to Landlord. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3)
Appears in 1 contract
Sources: Lease (AutoTrader Group, Inc.)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair is not available from Landlord's insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an uncured Event of which Default by Tenant has occurred; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing ("Landlord's Notice") within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord's Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord's Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord's Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord's Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord's Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of such damage or destruction(ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant's continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 1l.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter, so long as insurance proceeds from insurance required to be carried by Tenant are made available to Landlord. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3)
Appears in 1 contract
Sources: Lease (Intest Corp)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty (including but not limited to, the contamination of the partial Premises and/or the Building by Hazardous Materials not caused or total damage knowingly permitted by Tenant or destruction by any Tenant Party which contamination renders the Premises unsafe for occupancy by Tenant), then Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair is not available from Landlord's Property Policy (regardless of whether Landlord self-insures such coverage), or from any earthquake insurance carried by Landlord, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the building presence of which hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the demised premises are a part date of the damage; (iii) an uncured monetary Event of Default by Tenant has occurred; or (iv) the material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing ("Landlord's Notice") within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord's Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord's Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destruction, or if in the sole opinion Landlord's Notice no uncured monetary Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault exists, then Landlord within twenty (20) days following delivery of Landlord's Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord's Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of such damage or destruction(ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant's continued use of the Premises. If Tenant fails to provide such termination notice within such twenty (20) day period, Tenant shall be deemed to have waived any termination right under this Section 1l.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter, so long as insurance proceeds from insurance required to be carried by Tenant are made available to Landlord. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3)
Appears in 1 contract
Restoration. In the event that Tenant does not exercise its above set forth option to terminate this Lease in the event of damage by fire or other casualty, then Landlord shall repair or restore such damage, this Lease continuing in full force and effect, with the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due Base Rent hereunder to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsequitably abated as herein above provided. In the event that Landlord notifies Tenant that the Premises can be materially restored within one hundred eighty (180) days from the date of damage by fire or other casualty pursuant to Section 10.2 and Landlord fails to materially restore the Premises within such reconstructionone hundred eighty (180) day period, Tenant, at then Tenant as its sole cost and expense, exclusive remedy shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect entitled to terminate this Lease by giving written Landlord notice to Tenant of such termination within ninety ten (9010) days after the occurrence expiration of such period and this Lease shall terminate as of the date of such damage as if such date had been originally fixed in this Lease for the expiration of the Term; provided, however, that if Landlord shall be delayed in, hindered in, or destructionprevented from, completing the restoration within said period by reason of Force Majeure (defined in Section 12.20), or if the delay shall be due to delay in receipt of custom ordered items, then the time for completion of the restoration shall be extended for the period of the delay (but in no event more than thirty (30) days). Landlord shall not be required to repair any damage by fire or other cause, or to make any repairs or replacements of any alterations, additions or improvements installed in the Premises by Tenant or to any of Tenant's personal property or equipment; and if Landlord shall restore the Premises, Tenant shall be required to repair and restore such damage at Tenant's cost and expense.
Appears in 1 contract
Restoration. In If the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, Building shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause fire or casualty other than those covered by said insurancecasualty, then, unless this Lease is terminated as hereinafter provided, and whether or by any cause not the damage or destruction shall have resulted from the fault or neglect of Tenant or its employees, agents, contractors or invitees, Landlord, at any time during its sole expense, shall perform Landlord's Restoration Work (as hereinafter defined) with reasonable dispatch and continuity. For purposes hereof, the last two (2) years term "Landlord's Restoration Work" shall mean all of the term hereof work necessary to repair and restore the Premises (including, without limitation, all the building systems) to substantially the same condition as that in which they were in immediately prior to the happening of the fire or other casualty (it being agreed that Landlord's Restoration Work shall not include the repair and restoration of (w) any Tenant-Made Alterations, (x) Tenant's Initial Work installed by Tenant, (y) any Tenant's Trade Fixtures, and/or (z) any Tenant's Property). Notwithstanding anything to the contrary in this Paragraph 15, in the event a fire or other casualty to the demised premises arePremises occurs that is covered by the all risk insurance referenced in Paragraph 9(a) above, Tenant shall, within 30 days after demand therefor, pay to Landlord the lesser of (i) the amount of any deductible in respect of the insurance adjustment relating to such fire or other casualty and (ii) $25,000 (it being agreed that, in any event, the building payment of such amount by Tenant is not a condition precedent to any of Landlord's obligations under this Paragraph 15). If the Premises shall be partially damaged or destroyed or rendered untenantable or inaccessible as a result of a fire or other casualty, then the Base Rent, the Additional Rental Amount and all other rent payable under this Lease (including any amounts payable under Sections 6 and 8 above) shall be abated in proportion to the area of the Premises that has been rendered untenantable, inaccessible or unfit for Tenant's use and occupancy for the period from the date of such damage or destruction until the earlier of (a) the last day of a reasonable period (beginning on the date on which Landlord's Restoration Work is substantially completed and Tenant has reasonable access to the demised promises are situated isPremises) for Tenant to repair and restore any Tenant's Initial Work, Tenant-Made Alterations, Tenant Trade Fixtures and Tenant's Property damaged as a result of such fire or other casualty and (b) the date on which Tenant reoccupies the Premises (or such portion thereof) for the normal conduct of its business (as opposed to the repair or restoration of any of Tenant's Initial Work, Tenant's Trade Fixtures, Tenant-Made Alterations or Tenant's Property). If the Premises shall be totally damaged or destroyed or rendered untenantable or inaccessible, then the Base Rent, the Additional Rental Amount and all other rent payable under this Lease (including any amounts payable under Sections 6 and 8 above) shall ▇▇▇▇▇ from the date of the damage or destruction until the earlier of (a) the last day of a reasonable period (beginning on the date on which Landlord's Restoration Work is substantially completed and Tenant has reasonable access to the Premises) for Tenant to repair and restore any Tenant's Initial Work, Tenant-Made Alterations, Tenant Fixtures and Tenant's Property damaged as a result of such fire or other casualty and (b) the date on which Tenant reoccupies the Premises (or such portion thereof) for the normal conduct of its business (as opposed to the repair or restoration of any of Tenant's Initial Work, Tenant's Trade Fixtures, Tenant-Made Alterations or Tenant's Property). If the Building or any portion thereof shall be damaged or destroyed by any cause fire or casualty to the extent of not less than thirty-three and one-third percent other casualty, then Landlord, within thirty (33-1/3%30) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from days after the occurrence of the damage fire or destructionother casualty, shall furnish to Tenant an estimate (the "Estimate"), prepared and certified by an architect selected by Landlord and reasonably acceptable to Tenant, of the date (the "Estimated Date") by which Landlord expects (in good faith) the Landlord's Restoration Work to be completed. If the Estimated Date shall be a date later than one hundred eighty (180) days after the date of the fire or if in the sole opinion of Landlord repairs cannot be adequately madeother casualty, then Landlord may elect to Tenant may, at its option, terminate this Lease by giving written notice to Landlord within thirty (30) days after Tenant's receipt of the Estimate. In any case where the Estimate does not give rise to Tenant's termination right as aforesaid (as well as any case where Tenant of does not elect to exercise its termination right as aforesaid), Tenant shall have the right to terminate this Lease, if for any reason, Landlord's Restoration Work is not completed by the Outside Restoration Date (as defined below). Tenant may exercise the termination right described in the preceding sentence by delivering written notice thereof to Landlord at any time following the Outside Restoration Date and prior to the date Landlord completes Landlord's Restoration Work. If Tenant terminates this Lease as provided in this Paragraph 15, then such termination within ninety shall be effective on the date specified in Tenant's notice of termination but no later than one hundred eighty (90180) days after the occurrence date of such damage notice as if said date were the date fixed for the expiration of the Lease Term. Any Base Rent, Additional Rental Amount or destruction.other amounts paid by Tenant for a period beyond the date of termination of this Lease or for any period of abatement shall promptly be refunded by Landlord to Tenant. For purposes of this Lease, the term "Outside Restoration Date", with respect to any fire or other casualty, shall mean the Estimated Date for the Landlord's Restoration Work in connection with such fire or other casualty; provided, however, that the Outside Restoration Date shall be postponed by one day for each day that Landlord is actually delayed in completing such Landlord's Restoration Work as a result of one or more Force Majeure Events (but in no event shall the Outside Restoration Date be extended by Force Majeure Events by more than 60 days) or any delays caused by Tenant, its agents, employees, consultants, contractors and invitees. If (i) the Building shall be damaged or destroyed by fire or other casualty during the last 12 months of the then current Lease Term, (ii) the Estimate indicates that Landlord's Restoration Work will require a period of time which exceeds 20% of the then remaining Lease Term, and (iii) Tenant, on or prior to the date of the fire or other casualty shall not have elected to extend the then current Lease Term in accordance with the provisions of Addendum 3 hereto (assuming Tenant had the right to do so), then and in such events, either Landlord or Tenant shall have the right, to be exercised by written notice to the other party given within thirty (30) days the electing party's receipt of the Estimate, to terminate this Lease. If either party terminates this Lease as provided in this Paragraph 15, then such termination shall be effective on the date specified in such party's notice of termination but no later than one hundred eighty (180) days after the date of such notice as if said date were the date fixed for the expiration of the Lease Term; and any Base Rent, Additional Rental Amount or other amounts paid by Tenant for a period beyond the date of such termination of this Lease or for any period of abatement shall promptly be refunded by Landlord to Tenant. Notwithstanding anything to the contrary contained in Paragraph 15 above, if Tenant, within thirty (30) days after its receipt of a termination notice from Landlord given pursuant to Paragraph 15 above, shall elect to extend the then current term of this Lease in accordance with the provisions of Addendum 3 hereto (assuming Tenant has the right to do so), then Landlord's termination notice shall be rendered null and void, this Lease shall remain in full force and effect, and Landlord, at its sole expense, shall perform Landlord's Restoration Work. If the named Landlord herein (i.e., ProLogis Development Services Incorporated) shall transfer its interest in the Premises to a third party, then, from and after the effective date of such transfer, the following provision of this Section 15(f) shall apply:
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinBuilding is damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within proportionate share); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an event of default by Tenant has occurred and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof continuing at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises cannot be completed Term. Landlord shall notify Tenant in writing ("Landlord's Notice") within six sixty (660) months from days after the occurrence damage occurs as to (i) whether Landlord is terminating this Lease as a result of the damage or destructionand (ii) if Landlord is not terminating this Lease, or the number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to be fully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord's Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such date is specified, such termination shall be the date of Landlord's Notice).
(b) If Landlord does not elect to terminate this Lease under subsection (a), and provided that Tenant is not in the sole opinion default under this Lease (with all applicable notice of Landlord repairs cannot be adequately madedefault having been given, and applicable cure periods having expired without Tenant having cured such default) then Landlord within ten (10) days following delivery of Landlord's Notice pursuant to subsection (a) above, Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord's Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of such damage or destruction.(ii) if the damage has occurred within the final twelve (12) months of the Term. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this subsection or any other applicable law. In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section as a result of damage to the Building or Premises, then Landlord shall thereafter repair that damage as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term, provided that Landlord shall have no obligation as to any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3)
Appears in 1 contract
Restoration. In the event of the partial or total damage or destruction of the building of which the demised premises are a part If, during the term hereof from any Term, the Hotel is damaged or destroyed by fire, casualty or other cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, at its cost and expense and with all reasonable diligence, comply with the requirements of each Mortgage, as such document pertains to casualty and repair, and with Tenant’s directions so as to enable Tenant to comply with the extent requirements of the proceed available Franchise Agreement, as such document pertains to Landlord from casualty and repair. If the insurance referred to in Station 9.3 hereofLeased Property, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expenseany material part thereof, shall be responsible rendered untenantable by reason of such damage and such damage shall not be due to the fault of Tenant or of Persons Within Tenant’s Control, then the Base Rent hereunder, or an amount thereof apportioned according to the area of the Leased Property so rendered untenantable (if less than the entire Leased Property shall be so rendered untenantable), shall be abated for the repair and restoration period from the date of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior such damage to the casualty, and date when the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant damage shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession have been repaired as aforesaid. If all or any part of the demised premises and Leased Property shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally be damaged or destroyed by a cause fire or other casualty other than those covered by said insurance, or by any cause at any time during such that the last two (2) years of Hotel is closed and Landlord determines in its reasonable judgment that the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed fully restored within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made365 days, then either Landlord or Tenant may elect to terminate this Lease by giving written notice given to Tenant of such termination within ninety the other party not later than thirty (9030) days after the occurrence determination by Landlord that the Leased Property cannot be restored within such time period. If this Lease is terminated pursuant to this Section 9.1, all insurance proceeds shall be paid to Landlord free of such damage any claim or destructioninterest therein whatsoever of Tenant. If this Lease is not terminated as the result of any fire or other casualty, then, subject to the rights of the holder of each Mortgage, the proceeds of any casualty insurance or the equivalent thereof shall be used by Landlord to pay for the cost of restoration.
Appears in 1 contract
Restoration. In If at any time the event of Premises are materially damaged or destroyed, Lessor may, at its option, repair or restore the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due Premises to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same their condition which said building was in immediately prior to such damage or destruction or terminate this Lease as of the date of such damage or destruction. Upon such termination, provided the Rent payable by Lessee shall be apportioned as of the date of such repairs damage or destruction. Lessor shall give written notice to Lessee of its election either to repair or restore the Premises or to terminate this Lease within thirty (30) days after the date such damage or destruction occurs. If damage or destruction to the Premises occurs which does not result in a reconstruction can termination of this Lease, the rent payable by the Lessee shall be abated until the Premises of any part thereof so damaged have been made fit for occupancy. Notwithstanding anything in this paragraph to the contrary,
(a) Lessor's obligation to repair or restore shall be limited to cost in the amount of insurance proceeds payable under policies of fire or extended coverage insurance maintained under the terms and conditions of this Lease; provided, however, that if the Premises are not restored to substantially the same condition as such Premises are in on the Commencement Date of this Lease, then existing laws Lessee shall have the option to terminate this Lease;
(b) Lessee shall bear all costs and regulationsexpenses of repair and restoration required as a result of damage caused solely by the intentional or negligent act or omission of Lessee, its employees, agents, guests, or invitees;
(c) If any mortgage encumbering the Premises contains different restoration/repair requirements than those contained in this Lease, the provisions of such mortgages shall apply and supersede those contained in this Lease, to the extent of such difference or conflict, and such differing terms shall be deemed incorporated in this Lease; and
(d) If the Premises are damaged to an immaterial or non-substantial degree, Lessor shall promptly cause them to be repaired and restored within thirty (30) days (or if such work cannot be completed within such thirty (30) days, such work shall be commenced within thirty (30) days and diligently pursued through completion), subject to (b) above. In the event of such reconstruction, Tenant, at its sole cost and expense, the Premises shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years Lease term be damaged by fire or other unavoidable casualty, through no fault or negligence of Lessee, so as to render said Premises or any part thereof unfit for occupancy, Lessee shall have the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent option of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate terminating this Lease by giving upon thirty (30) days prior written notice to Tenant of such termination within ninety (90) days after the occurrence of such damage or destructionLessor.
Appears in 1 contract
Sources: Commercial Real Estate Lease (Alliance Data Systems Corp)
Restoration. In the event that Tenant does not exercise its above set forth option to terminate this Lease in the event of damage by fire or other casualty, then Landlord shall repair or restore such damage, this Lease continuing in full force and effect, with the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due Base Rent hereunder to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsequitably abated as herein above provided. In the event that (a) Landlord notifies Tenant that the Premises can be materially restored within ninety (90) days from the date of damage by fire or other casualty pursuant to Section 10.2 and Landlord fails to materially restore the Premises within such reconstructionninety (90) day period, Tenantor (b) if Landlord's notice provides that the Premises cannot be, at restored within ninety (90) days, Tenant does not elect to terminate the Lease as provided in Section 10.2, and Landlord fails to materially restore the Premises within a ninety (90) day period, then Tenant as its sole cost and expense, exclusive remedy shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect entitled to terminate this Lease by giving written Landlord notice to Tenant of such termination within ninety ten (9010) days after the occurrence expiration of such period and this Lease shall terminate as of the date of such damage as if such date had been originally fixed in this Lease for the expiration of the Term; provided, however, that if Landlord shall be delayed in, hindered in, or destructionprevented from, completing the restoration within said period by reason of Force Majeure (defined in Section 12.20), or if the delay shall be due to delay in receipt of custom ordered items, then the time for completion of the restoration shall be extended for the period of the delay (but in no event more than thirty (30) days). Landlord shall not be required to repair any damage by fire or other casualty to improvements installed in the Premises by Tenant or to any of Tenant's personal property or equipment; and if Landlord shall restore the Premises, Tenant shall be required to repair and restore such improvements at Tenant's cost and expense.
Appears in 1 contract
Restoration. In the event If neither Landlord nor Tenant elects to so terminate, this Lease shall continue in force and a just proportion of the partial or total damage or destruction rent reserved, according to the nature and extent of the building of which damages sustained by the demised premises are a part during Premises, shall be suspended or abated until the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employeesPremises, or what may remain thereof, shall be put by Landlord in proper condition for use, which Landlord covenants to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, do with reasonable diligence to the extent permitted by the net proceeds of insurance recovered or damages awarded for such taking, destruction or damage and subject to zoning and building laws or ordinances then in existence. “Net proceeds of insurance recovered or damages awarded” refers to the gross amount of such insurance or damages actually received by Landlord and released to Landlord by Landlord’s lender, less the reasonable expenses of Landlord incurred in connection with the collection of the proceed available same, including without limitation, fees and expenses for legal and appraisal services. Subject to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing Section 11.5 (which shall operate to extend the termination time period set forth herein by no more than sixty (60) days), if Landlord shall not have restored the Premises, or in the case of a lease upon taking, what may remain thereof (excluding the complete initial tenant improvements and any other alterations or partial destruction installations made by or on behalf of Tenant) within two hundred and forty (240) days from the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially date of casualty or totally damaged or destroyed by a cause or casualty other than those covered by said insurancetaking, or by within one hundred and twenty (120) days from any cause at any time casualty or taking occurring during the last two eighteen (218) years months of the term hereof or in Term, Tenant shall have the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect right to terminate this Lease by giving written notice to Tenant of such termination within ninety to Landlord, effective at the expiration of thirty (9030) days after from the occurrence giving of such damage notice; provided however, that such termination will be rendered ineffective if, prior to the expiration of said 30-day period, Landlord shall have completed such restoration. The foregoing termination right shall be Tenant’s sole remedy at law or destructionin equity for Landlord’s failure to restore the Premises within the aforesaid time periods.
Appears in 1 contract
Sources: Office Lease (Dyax Corp)
Restoration. In the event Paragraph 12 of the partial or total damage or destruction Original Lease shall be, and hereby is, deleted in its entirety and replaced with the following: If that portion of the building of Building in which the demised premises are a part during the term hereof from any causePremises is situated is totally destroyed by storm, except if due to the negligent acts fire, lightning, earthquake or emissions of Tenant its agents or employeesother casualty, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent this Lease shall terminate as of the proceed available to date of such destruction and rent shall be accounted for as between Landlord from and Tenant as of that date. If such portion of the insurance referred to Building is damaged but not wholly destroyed by any such casualty, rent shall ▇▇▇▇▇ in Station 9.3 hereofsuch proportion as use of the Premises has been destroyed, forthwith repair and reconstruct said building Landlord shall restore the such portion of the Building within two hundred seventy (270) days following any such casualty to substantially the same building shell condition which said building was that Original Landlord delivered to Tenant under the Original Lease, whereupon full rent shall recommence; provided, however, that if (i) such portion of the Building is more than fifty percent (50%) damaged or destroyed, in immediately prior to Landlord's reasonable judgment, or (ii) such damage portion of the Building is damaged or destructiondestroyed during the last twelve (12) months of the Extension Term, provided or (iii) a Mortgagee does not make available insurance proceeds for rebuilding or repair, then and in any such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstructionevents, TenantLandlord may, at its sole cost and expenseoption, shall be responsible for terminate this Lease by delivering notice in writing to Tenant within sixty (60) days after the repair and restoration day of all items set forth such occurrence. Landlord may also elect to terminate this Lease in "Description any of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior the following cases of damage or destruction to the casualtyPremises, or the Building: (i) where the cost of rebuilding, repairing and restoring (collectively, “Restoration”) the replacement of its stock-in-tradeBuilding or the Premises, trade fixturewould, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession regardless of the demised premises and shall diligently pursue such work and installation lack of damage to completion. With respect to any damage a destruction which Landlord is obligated to repair the Premises or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contraryaccess thereto, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurancereasonable opinion of Landlord, or by any cause at any time during the last two exceed fifty percent (250%) years of the term hereof or then replacement cost of the Building; (ii) where, in the event case of any damage or destruction to any portion of the demised premises are, Building or the building Premises by uninsured casualty, the cost of Restoration of the Building or the Premises, in which the demised promises are situated isreasonable opinion of Landlord, damaged exceeds $500,000; or destroyed by (iii) where, in the case of any cause damage or casualty destruction to the extent Premises or access thereto by uninsured casualty, the cost of not less than thirty-three and one-third Restoration of the Premises or access thereto, in the reasonable opinion of Landlord, exceeds fifty percent (33-1/350%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises canPremises; or (iv) if Landlord has not be completed within six (6) months from the occurrence obtained appropriate zoning approvals for reconstruction of the damage Building or destruction, or if in the sole opinion of Landlord repairs cannot Premises. Any such termination shall be adequately made, then Landlord may elect to terminate this Lease made by giving thirty (30) days’ prior written notice to Tenant of such termination given within ninety (90) days after of the occurrence date of such damage or destruction. If this Lease is not terminated by Landlord and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Monthly Base Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises or the Building.
Appears in 1 contract
Sources: Build to Suit Lease Agreement (Schiff Nutrition International, Inc.)
Restoration. In (1) If the event Premises are only partially damaged (i.e., less than fifty percent (50%) of the partial or total Premises are untenantable as a result of such damage or destruction less than fifty percent (50%) of Tenant's operations are materially impaired) and if the mortgagee of the building of which Property (if any) shall permit the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to proceeds received by Landlord from the insurance referred policies described in Section 4.04B to be applied to the necessary repairs, this Lease shall remain in Station 9.3 hereof, forthwith effect and Landlord shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsdamage. In the event of Landlord repairs the damage, such reconstruction, Tenant, at its sole cost and expense, repairs shall be responsible for substantially completed within 90 days from the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to date Landlord is allowed by governmental authorities, the casualtyinsurance companies, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession mortgagee of the demised premises and shall diligently pursue such work and installation Property (if any) to completion. With respect to any damage a destruction which Landlord is obligated to enter the Premises for the purpose of beginning repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two damage.
(2) years If the insurance proceeds received by Landlord are not sufficient to pay the entire cost of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destructionrepair, or if in the sole opinion of Landlord the restoration cause of the demised premises candamage is not covered by the insurance policies which Landlord maintains under Section 4.04B, or if any mortgagee or beneficiary under a deed of trust encumbering the Premises should require that proceeds payable as a result of said fire or casualty be completed used to retire or reduce any debt secured by a deed of trust encumbering the Premises, Landlord may elect either to (i) repair the damage within six 90 days from the date Landlord is allowed by governmental authorities, the insurance companies, and the mortgagee of the Property (6if any) months from to enter the Premises for the purpose of beginning repair of the damage, in which case this Lease shall remain in full force and effect, or (ii) terminate this Lease as of the date the damage occurred. Landlord shall notify Tenant within thirty (30) days after notice of the occurrence of the damage whether Landlord elects to repair the damage or destructionterminate the Lease. If Landlord elects to repair the damage, such repairs shall be substantially completed within 90 days from the date Landlord is allowed by governmental authorities, the insurance companies, and the mortgagee of the Property (if any) to enter the Premises for the purpose of beginning repair of the damage. If the damage was due to an act or omission of Tenant, or if in Tenant's employees, agents, contractors or invitees, Tenant shall pay to Landlord upon demand the sole opinion difference between the actual cost of repair and any insurance proceeds received by Landlord. If Landlord repairs cannot be adequately madeelects to terminate this Lease, then Landlord Tenant may elect to terminate continue this Lease in full force and effect, in which case Tenant shall repair any damage to the Premises and any Building in which the Premises is located. Tenant shall pay the cost of such repairs, except that upon satisfactory completion of such repairs, Landlord shall deliver to Tenant any insurance proceeds received by giving Landlord for the damage repaired by Tenant. Tenant shall give Landlord written notice to Tenant of such termination election within ninety ten (9010) days after the occurrence of such damage or destructionLandlord's termination notice.
Appears in 1 contract
Sources: Industrial Real Estate Lease (Home Interiors & Gifts Inc)
Restoration. In the event (a) If more than twenty-five percent (25%) of the partial Premises or total damage the Building are damaged by any fire, flood, earthquake or destruction other casualty, Landlord shall have the right to terminate this Lease upon Written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair are not available from Landlord’s insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share), (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the building presence of which hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the demised premises are a part date of the damage, (iii) an uncured Event of Default by Tenant has occurred, or (iv) the material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing (“Landlord’s Notice”) within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord’s Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord’s Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1 (a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord’s Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord’s Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord’s Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of such damage or destruction(ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 11.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casually, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter, so long as insurance proceeds from insurance required to be carried by Tenant are made available to Landlord. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3)
Appears in 1 contract
Sources: Lease (Mirion Technologies, Inc.)
Restoration. In If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during is damaged as the term hereof from any causeresult of an event of casualty, except if due then subject to the negligent acts or emissions provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; provided, however, that notwithstanding the foregoing, Landlord may not terminate this Lease pursuant to this clause if, at the lime of such casualty, Tenant its agents or employeeshas validly exercised an express option to extend the Term of this Lease beyond the then scheduled Expiration Date, or to (ii) the failure on the part damage is of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from a type not covered by the insurance referred Landlord is required to in Station 9.3 hereofcarry, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made actually carries under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualtythis Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment cost to repair the damage will exceed $250,000.00 (and Tenant shall commence such does not agree to provide the shortfall in proceeds to Landlord in excess of $250,000.00 within 10 days after its receipt of written demand by Landlord). Should Landlord elect not to repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession damage for one of the demised premises preceding reasons, Landlord shall so notify Tenant in the "Casualty Notice" (as defined below), and this Lease shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction terminate as of the demised premisesdate of delivery of that notice. Notwithstanding anything above m As soon as reasonably practicable following the contrarycasualty event but not later than 60 days thereafter, Landlord shall notify Tenant in writing ("Casualty Notice") of Landlord's election, if applicable, to terminate this Lease. If this Lease is not so terminated, the event Casualty Notice shall set forth the demised promises ere partially or totally damaged or destroyed anticipated period for repairing the casually damage, which estimate shall be provided by a cause or casualty other than those covered by said insurance, or by any cause at any time during licensed and experienced independent construction contractor. If the last two (2) years anticipated repair period exceeds 270 days and if the dam age is so extensive as to reasonably prevent Tenant's substantial use and enjoyment of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madePremises, then Landlord either party may elect to terminate this Lease by giving written notice to the other within 10 days following delivery of the Casualty Notice. In the event that neither Landlord nor Tenant is entitled to terminate this Lease or elects to terminate this Lease pursuant to Sections 11.1(a) and 11.1(b), as applicable, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Upon notice from Landlord, Tenant shall assign or endorse 011er to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant's insurance with respect to any Tenant Installations; provided if the estimated cost to repair such Tenant Installations exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier, the excess cost of such termination repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairs. Further, if Landlord does not complete its required restoration within ninety (90) 60 days after the occurrence time period estimated by Landlord to repair the damage as specified in the Casualty Notice, as the same may be extended by force majeure delays of the type set forth in Section 20.9 (but not in excess of 120 additional days caused by any such force majeure delays), Tenant may terminate this Lease by delivering written notice to Landlord and Landlord's Mortgagee within 30 days following the expiration of such 60 day period, and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant's termination notice (but not earlier than 30 days or later than 120 days after the date of such notice) as if such date were the date fixed for the expiration of the Term. Notwithstanding the foregoing, if upon the receipt of Tenant's written election to terminate this Lease as provided in this Section 11.1 (c), Landlord reasonably believes it can complete its required restoration within 30 days following the receipt of such notice, Landlord may, it its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such required restoration within such 30-day period. Tenant's election to terminate shall be null and void. From and after the casualty event, the rental (including Basic Rent and Operating Expenses) to be paid under this Lease shall be abated in the same proportion that the Floor Area of the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises. Notwithstanding the provisions of subsection (d) of this Section 11.1, if the damage is due to the negligence of Tenant or destructionits employees, subtenants, contractors, invitees or representatives, then the rental to be paid by Tenant under this Lease shall be abated only to the extent Landlord is compensated for such rental by loss of rent insurance proceed then carried by Landlord.
Appears in 1 contract
Sources: Sublease (Upwork Inc.)
Restoration. In If the event of Premises are damaged or destroyed by fire or other casualty and this Lease is not terminated pursuant to Section 14.1 (whether because neither Party elects to terminate or because such damage is below the partial or total damage or destruction of threshold giving the building of which Parties the demised premises are a part during the term hereof from any causeright to terminate), except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, then Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall promptly and diligently repair and reconstruct said building restore the Premises (including without limitation (a) Tenant's Specialized Leasehold Improvements/Base Building Upgrades and (b) any Subsequent Alterations and Improvements by Tenant which are Base Building Elements) as nearly as practicable to substantially the same their condition which said building was in immediately prior to such damage or destruction, provided such repairs and in any event to a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible condition reasonably suitable for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B use and all improvements within Premises as those existing immediately prior to the casualtyoccupancy, but subject and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty only to the extent of not less than thirty-three allowed by (x) then Applicable Laws and one-third percent (33-1/3%y) of the replacement cost thereof at the time net insurance proceeds available to Landlord on account of such damage or destructiondestruction after deducting the reasonable costs of collecting such proceeds. The Base Rent, or if in Additional Rent and other charges due from Tenant hereunder shall be equitably abated until Landlord restores the sole opinion of Premises to a condition reasonably suitable for Tenant's use and occupancy. If Landlord the restoration of the demised premises cannot be completed fails to do so within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate this Lease by giving written notice to Tenant of such termination within ninety (90) days one year after the occurrence of such damage or destruction, then except only to the extent such failure is due to Acts of God, war, civil commotion, fire, flood, hurricane, other unusually severe weather event or shortages of materials and equipment, but otherwise regardless of the reason for such failure (and including without limitation where such failure is due to the unavailability or insufficiency of insurance proceeds or due to any of the other so-called force majeure events pursuant to Section 25.5), Tenant may terminate this Lease by notice to Landlord within 30 days after the expiration of such year. Landlord shall not be obligated to restore any of Tenant's Fixtures and Equipment or Subsequent Alterations and Improvements constructed by Tenant in the Premises which are not Base Building Elements. Rather, Tenant shall be responsible for repair and restoration of any such TFE or Subsequent Alterations and Improvements.
Appears in 1 contract
Sources: Lease Agreement (Sepracor Inc /De/)
Restoration. In If the event of Premises, or any part thereof, is damaged by fire or other casualty before the partial Commencement Date or total damage or destruction of the building of which the demised premises are a part during the term hereof from Term of this Lease, and this Lease is not terminated pursuant to Section 11.2 hereof, Landlord shall repair such damage and restore the Premises (but not the Tenant Improvements or any cause, except if due to the negligent acts Alterations or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants Tenant’s personal property, equipment or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building trade fixtures) to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate this Lease by giving written notice to Tenant of such termination within ninety (90) days after Premises existed before the occurrence of such fire or other casualty and this Lease shall, subject to this Section 11.1, remain in full force and effect. If Landlord is obligated or elects to make such repairs pursuant to Section 11.2 below, Tenant shall pay to Landlord prior to Landlord’s commencement of such repair work all insurance proceeds received by Tenant applicable to the work which Landlord is required or elects to perform. All such payments from Tenant to Landlord shall be made within ten (10) business days of demand from Landlord. If such fire or other casualty damages the Premises and if such damage is not the result of the negligence or destructionwillful misconduct of Tenant or Tenant’s agents, officers, employees, contractors, licensees or invitees, then, during the period the Premises are rendered unusable by such damage, Tenant shall be entitled to a reduction in Base Rent in the proportion that the area of the Premises rendered unusable by such damage bears to the total area of the Premises (i) during the period of Landlord’s work and until the same is substantially completed and (ii) during the period when Tenant is repairing the damage which it is responsible to repair. Landlord shall not be obligated to repair any damage to, or to make any replacement of, any Alterations, movable furniture, equipment, trade fixtures or personal property in the Premises.
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinBuilding is damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within proportionate share); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to the casualtycannot, and the replacement of its stock-in-tradewith reasonable diligence, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which be fully repaired by Landlord is obligated to repair (or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed safely repaired because of the presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within six two hundred seventy (6270) days after the date of the damage; or (iii) the damage occurs during the final twelve (12) months from the occurrence of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within thirty (30) days after the damage occurs and this Lease shall terminate as of the date of that notice
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is loot in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madesafely repaired because of the presence of hazardous factors, earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the Premises within two hundred seventy (270) days after the date of damage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated to the extent Tenant's use of the Premises is impaired, but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant's insurance described in EXHIBIT D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of such termination within ninety Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(90e) days after Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the occurrence Premises to facilitate all inspections of such the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Sources: Industrial Lease (Endwave Corp)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair is not available from Landlord’s insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an uncured Event of which Default by Tenant has occurred; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing (“Landlord’s Notice”) within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord’s Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord’s Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord’s Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord’s Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord’s Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of such damage or destruction(ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 1l.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3)
Appears in 1 contract
Sources: Lease (4-D Neuroimaging)
Restoration. In (a) Borrower shall give prompt written notice of any casualty to the event Property to Lender whether or not required to be insured against. The notice shall describe the nature and cause of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to casualty and the extent of the proceed available damage to Landlord from the Property. Borrower covenants and agrees to commence and diligently pursue to completion the Restoration.
(b) Borrower assigns to Lender all Insurance Proceeds which Borrower is entitled to receive in connection with a casualty whether or not such insurance referred to in Station 9.3 hereofis required under this Mortgage, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to Lender shall apply such damage or destruction, proceeds as provided such repairs a reconstruction can be made under then existing laws and regulationsherein. In the event of such reconstructionany damage to or destruction of the Property, Tenantand provided (i) an Event of Default does not currently exist, at its sole cost and expense(ii) Lender has determined that (1) there has not been an Impairment of the Security (as defined in Section 7.02(c))), shall and (2) the repair, restoration and rebuilding of any portion of the Property that has been partially damaged or destroyed (the “Restoration”) can be responsible for accomplished in full compliance with all Requirements to the repair same condition, character and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises general utility as those nearly as possible to that existing immediately prior to the casualtycasualty and not resulting in an Impairment of Security as defined in Section 7.02(c) hereof, and the replacement Net Insurance Proceeds shall be applied to the Cost of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order Restoration in accordance with the terms of this Article. Lender shall hold and disburse the Insurance Proceeds less the cost, Tenant hereby waives if any, to Lender of recovering the provisions Insurance Proceeds including, without limitation, reasonable attorneys’ fees and expenses, and adjusters’ fees (the “Net Insurance Proceeds”) to the Restoration.
(c) For the purpose of any law authorizing this Article, “Impairment of Security” shall mean that, based upon Lender’s commercially reasonable projections, twelve (12) months after the termination of a lease upon the complete or partial destruction date of the demised premises. Notwithstanding anything above m damage, destruction, condemnation or casualty, (i) the contraryratio of the annual cash flow derived from the Property to the annual debt service for the Loan will be less than 1.40:1, as determined in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insuranceaccordance with GAAP, or by any cause at any time during (ii) the last two (2) years ratio of the term hereof or in remaining balance of the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty Loan to the extent value of not less the Property (which will be determined by Lender in Lender’s sole discretion acting in good faith and which may, at Lender’s sole discretion, be based on MAI appraisal) will be greater than thirty-the ratio resulting from dividing the outstanding principal balance of the Loan by the agreed value of the Property as of the Acceptance Date, as shown on Exhibit “B” to the Application, minus three and one-third percent (33-1/33%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate this Lease by giving written notice to Tenant of such termination within ninety (90) days after the occurrence of such damage or destruction).
Appears in 1 contract
Sources: Mortgage, Security Agreement and Fixture Filing (Florida East Coast Industries Inc)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair are not available from Landlord's insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an Event of which Default by Tenant has occurred; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing ("Landlord's Notice") within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord estimates that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord’s Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord's Notice). ThermoGenesis Holdings Inc. Lease
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.l(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord's Notice neither an Event of Default exists nor has Landlord delivered to Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord's Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord's Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of damage or (ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant's continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 11.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Requested Improvements constructed pursuant to the Work Letter. Landlord's repair of material damage shall be at Landlord's sole cost and expense except for any insurance deductible (for which Tenant shall be responsible for Tenant's Share). Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3) constructed by Tenant as part of Landlord's repair of material damage, in which case Tenant shall make available to Landlord upon demand insurance proceeds from insurance required to be maintained by Tenant. If Landlord elects to repair or replace such leasehold improvements and/or Alterations, all insurance proceeds available for such repair or replacement shall be made available to Landlord. Landlord shall have no liability to Tenant in the event that the Premises or the Building has not been fully repaired within the time period specified by Landlord in Landlord's Notice to Tenant as described in Section 11.1(a). Notwithstanding the provisions of this Article Xl, the repair of damage to the Premises to the extent such damage is not material shall be governed by Sections 7.1 and 7.2.
(d) Commencing on the date of such material damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the Floor Area of the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises, as determined by Landlord, but only to the extent that Landlord is entitled to reimbursement from the proceeds of the business interruption insurance required to be maintained by Tenant pursuant to Exhibit D.
(e) Landlord shall not be required to repair or replace any improvements or fixtures that Tenant is obligated to repair or replace pursuant to Section 7.1 or any other provision of this Lease and Tenant shall continue to be obligated to so repair or replace any such improvements or fixtures, notwithstanding any provisions to the contrary in this Article XI. In addition, but subject to the provisions of Section 10.5, in the event the damage or destructiondestruction to the Premises or Building are due in substantial part to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives, the costs of such repairs or replacement to the Premises or Building shall be borne by Tenant, and in addition, Tenant shall not be entitled to terminate this Lease as a result, notwithstanding the provisions of Section 11.1(b).
(f) Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require. ThermoGenesis Holdings Inc. Lease
Appears in 1 contract
Restoration. In (a) If any Building is damaged (each a “Damaged Building” and collectively the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein“Damaged Buildings”), Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall diligently repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord’s fire and extended coverage insurance (or, if Landlord is self-insuring, would not be covered by a standard “all-risk” policy, subject to standard exclusions), plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share); or (ii) Landlord reasonably determines that the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualtyDamaged Building(s) cannot, and the replacement of its stock-in-tradewith reasonable diligence, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which be fully repaired by Landlord is obligated to repair (or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed safely repaired because of the presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within six two hundred seventy (6270) days after the date of the damage; or (iii) the damage occurs during the final twelve (12) months from the occurrence of the Term with respect to the Damaged Building(s). Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate with respect to the Damaged Building(s) only as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease with respect to the Damaged Building(s) in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term with respect to the Damaged Building(s) and Landlord shall promptly notify Tenant in writing of Landlord’s election to restore the Damaged Building(s) and of the time Landlord estimates to complete such restoration; provided that so long as Tenant is not in default under this Lease beyond any applicable cure period, if the damage is so extensive that Landlord reasonably determines that the Damaged Building(s) cannot, with reasonable diligence, be repaired by Landlord (or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madesafely repaired because of the presence of hazardous factors, earthquake faults, and other similar dangers) so as to allow Tenant’s substantial use and enjoyment of the Premises within two hundred seventy (270) days after the date of damage, then Landlord Tenant may elect to terminate this Lease with respect to the Damaged Building(s) by giving written notice to Landlord within the sixty (60) day period stated in subsection (a). To the extent space is available in Landlord’s portfolio to satisfy Tenant’s temporary space requirements during any period of restoration of any Damaged Building(s), Landlord shall make such space available to Tenant at a fair market rental rate.
(c) Commencing three (3) business days following the date of any damage to any of the Buildings, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Damaged Building that is rendered unusable by the damage from time to time bears to the total floor area of the Damaged Building.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives, but only to the extent such termination damage is not covered by a standard policy of “all risk” insurance (whether or not Landlord is self-insuring). In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(e) Tenant shall fully cooperate with Landlord in removing Tenant’s personal property and any non-structured debris from the Damaged Building(s) to facilitate all inspections of the Damaged Building(s) and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the applicable Building following any damage or destruction thereto, Landlord may restrict entry into the Building by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant’s rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Building. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require. If damage or destruction rendering any Building unusable occurs during the final twelve (12) months of the Term of the Phase of which such Building is a part, or during the final twelve (12) months of any extension period thereof, which cannot be repaired within ninety one hundred twenty (90120) days following such damage or destruction, Tenant shall have the option to terminate the Lease as to the applicable Building by providing Landlord written notification of Tenant’s election to terminate within thirty (30) days after the occurrence damage occurs. For all purposes of this Section 11.1, damage to the parking areas and access to any Building shall be deemed damage to the Building.
(f) In the event this Lease is terminated pursuant to Section 11.l with respect to one or more Buildings only, Tenant’s obligation to pay Basic Rent shall decrease by the amount of Basic Rent payable with respect to such damage or destructionBuilding(s). This amount shall be equal to the product of the Basic Rent for the Phase in which such Building(s) exists multiplied by a fraction, the numerator of which is the floor area of the Building(s) for which the Lease has terminated and the denominator of which is the floor area of the Phase.
Appears in 1 contract
Sources: Sublease Agreement (Palm Inc)
Restoration. In the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any causeIf this Lease is not terminated under Section 16.2 above, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, TenantLandlord, at its Landlord's sole cost and expense, shall be responsible for promptly restore the repair and restoration remaining portions of all items set forth in "Description of Tenant's Work" in Exhibit B the Premises and/or the Premises, including any and all improvements within Premises as those existing immediately made theretofore, together with the remaining portions of the parking areas, to an architectural whole in substantially the same condition that the same were in prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and taking. If Landlord does not either (a) obtain a building permit for any repairs or restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession required hereunder within ninety (90) days of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms date of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurancetaking, or by any cause at any time during the last two (2b) years of the term hereof complete such repairs or restoration in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%accordance with this Section 16.3(a) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destructionsuch taking, or if then, in the sole opinion of Landlord repairs cannot be adequately madeeither event, then Landlord Tenant may elect to at any time thereafter terminate this Lease by giving upon thirty (30) days written notice thereof to Landlord; provided, however, that such notice of cancellation shall not be effective if Landlord, within such thirty (30) day period, shall obtain such permit or complete and comply as aforesaid, as the case may be. Minimum Rent and any other charges payable by Tenant hereunder shall be suspended or abated or adjusted until the completion of such termination within ninety restoration according to the nature and extent of the injury to the Premises. Upon any condemnation of a portion of the Premises, the Minimum Rent and any other charges payable by Tenant hereunder shall be proportionately reduced based upon the floor area of the Tenant's Building remaining after said taking. Landlord will only have the obligation to restore those portions of the Premises that were originally included as a part of Landlord's Construction, and Landlord shall not be obligated to restore any portions of the Premises constructed by Tenant, including any alterations to the Premises (90) days after except to the occurrence extent of such damage or destructionLandlord's original construction), nor to restore any furniture, fixtures and equipment of the Tenant.
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinis damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord’s fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share); (ii) Landlord reasonably determines that the repair and restoration Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of all items set forth in "Description the presence of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualtyhazardous factors, including, without limitation, Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an event of default by Tenant has occurred and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof continuing at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, or if in earthquake faults, and other similar dangers) so as to allow Tenant’s substantial use and enjoyment of the sole opinion Premises within two hundred seventy (270) days after the date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises, but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant’s insurance described in Exhibit D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of such termination within ninety Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(90e) days after Tenant shall fully cooperate with Landlord in removing Tenant’s personal property and any debris from the occurrence Premises to facilitate all inspections of such the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant’s rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Sources: Industrial Lease (GoRemote Internet Communications, Inc.)
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinis damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, as soon as reasonably possible at its sole cost and expense, shall be responsible for expense unless: (i) the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those not covered by said Landlord's fire and extended coverage insurance, ; or by any cause at any time during (ii) Landlord reasonably determines that the last two (2) years cost of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirtyrepair would exceed twenty-three and one-third five percent (33-1/325%) of the full replacement cost of the Building (the “Replacement Cost”); (iii) the damage occurs during the final twelve (12) months of the Term; (iv) the holder of any mortgage on the Building or ground lessor with respect to the Building shall require that the insurance proceeds or any portion thereof at be used to retire the time of such damage or destructionmortgage debt, or if shall terminate the ground lease, as the case may be; or (v) in the sole opinion of Landlord the restoration of the demised premises Landlord's reasonable judgment, repairs cannot reasonably be completed within six one hundred eighty (6180) months from days after the occurrence date of discovery of the damage (when such repairs are made without the payment of overtime or destructionother premiums). Should Landlord elect not to repair the damage for one of the preceding reasons, or Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs, and this Lease shall terminate as of the date said notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that if in the sole opinion damage is so extensive as to reasonably prevent Tenant's use and enjoyment of Landlord repairs cannot be adequately madethe Premises for more than twelve (12) months, then Landlord Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord within ninety ten (9010) days after following Landlord’s notice in subsection (a). In the occurrence event this Lease is terminated in accordance with the terms of such Section 11.1 or Section 11.2, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant's insurance required under Article X of this Lease applicable to any improvements, alterations or additions.
(c) Commencing on the date of any damage to the Building and ending on the sooner of the date the damage is repaired or destructionthe date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises.
(d) Notwithstanding the provisions of subsections (a) (b) and (c) of this Section, the cost of any repairs shall be borne by Tenant and Tenant shall not be entitled to rental abatement or termination rights if the damage is due to solely the fault or neglect of Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements, alterations, additions or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
Appears in 1 contract
Sources: Office Lease (Model N, Inc.)
Restoration. If a substantial portion of the Building or the other Improvements on the Premises shall be damaged or destroyed during the Term of this Sublease, the Tenant shall: immediately notify the Landlord and the Ground Lessor and may elect to promptly commence and complete the restoration of the Building and other Improvements (the "Restoration") within eighteen (18) months after such damage occurs at Tenant's sole cost and expense (even if such cost and expense exceeds the amount of insurance proceeds that is available therefor) as nearly as possible to the value, condition and character of the Improvements immediately before such damage or destruction, all in accordance with Plans and Specifications therefor which have been approved by Landlord, Ground Lessor and any other applicable parties. Tenant shall complete the Restoration of the Premises in accordance with the requirements set forth in Article 7 of this Sublease. If the Restoration is not completed within said eighteen (18) month period, Landlord, in addition to all other rights and remedies available at law or in equity shall be entitled to terminate this Sublease upon fifteen (15) days written notice to Tenant. In the event of the partial or total any damage or destruction of the building Premises, this Sublease shall remain in full force and effect and rent shall not abate during this period. Notwithst▇▇▇▇▇g the foregoing, in the event a substantial portion of which the demised premises are a part Building is destroyed or damaged during the term hereof from any causeTerm, except if due Tenant shall not be obligated to complete the negligent acts or emissions Restoration and shall notify Landlord of Tenant its agents or employees, or election not to complete the failure on Restoration within forty-five (45) days after the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to date the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsdestruction has occurred. In the event of Tenant elects not to complete the Restoration or fails to make such reconstructionelection within the forty-five (45) day period, Tenant, at its sole cost and expense, Landlord shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect entitled to terminate this Lease by giving upon thirty (30) days written notice to Tenant of such termination within ninety and Tenant shall have thirty (9030) days after thereafter to remove the occurrence of such damage or destructionremaining structure, including all debris and rubbish, so as to surrender the Premises to Landlord in the same condition as on the date hereof.
Appears in 1 contract
Restoration. In the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the If restoration of the demised premises canDemised Premises is possible (and provided that such damage was not be completed caused by any act or omission of Tenant, its agents, servants or invitees), in accordance with Landlord's reasonable estimate, within a period of six (6) months [or if the damage affects more than fifty percent (50%) of the Demised Premises or more than fifty percent (50%) of the Building, then within a period of nine (9) months] from the occurrence date of the damage: (i) Landlord shall restore the Demised Premises at Landlord's expense up to the limit of insurance proceeds received subject to any prior rights of any mortgagee to such proceeds (provided, however, that Landlord shall have no obligation to repair damage to or destructionreplace Tenant's Personal Property, any Alterations (other than Tenant's Work up to an amount of $58.46 for each rentable square foot of the Demised Premises as to which such restoration is required) or if any other property located in the sole opinion of Landlord repairs cannot Demised Premises); and (ii) if the Demised Premises are untenantable for Tenant's permitted uses, in whole or in part, during such restoration, the Monthly Base Rent and Additional Rent hereunder shall be adequately made, then Landlord may elect abated proportionately to terminate this Lease by giving written notice to Tenant the extent and for the period of such termination within ninety (90) days after untenantability, that is, the occurrence Rent abated shall be that portion which the amount of square foot area which is unusable bears to the total square foot area of the Demised Premises. If such damage or destructiondestruction shall result from the fault of Tenant, or Tenant's agents, employees, visitors or licensees, Tenant shall not be entitled to any abatement of Monthly Base Rent and Additional Rent.
Appears in 1 contract
Sources: Lease Agreement (Lecg Corp)
Restoration. In (a) If the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinBuilding is damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord’s fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s proportionate share); (ii) Landlord reasonably determines that the repair and restoration Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of all items set forth in "Description the presence of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualtyhazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an event of default by Tenant has occurred and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof continuing at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises Term and is such that it cannot be completed within six repaired withing thirty (630) months from days, unless Tenant then has the occurrence right to extend the Term of Lease and does so in accordance with the provisions of Section 3.3 hereof. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madesafely repaired because of the presence of hazardous factors, earthquake faults, and other similar dangers) so as to allow Tenant’s substantial use and enjoyment of the Premises within two hundred seventy (270) days after the date of damage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Building that is rendered unusable by the damage from time to time bears to the total floor area of the Building, but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant’s insurance described in Exhibit D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of such termination within ninety Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(90e) days after Tenant shall fully cooperate with Landlord in removing Tenant’s personal property and any debris from the occurrence Premises to facilitate all inspections of such the Premises reasonably required to facilitate the making of any repairs pursuant to this Section. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant’s rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair is not available from Landlord’s insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an uncured Event of which Default by Tenant has occurred; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing (“Landlord’s Notice”) within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord’s Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord’s Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord’s Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord’s Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord’s Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of such damage or destruction(ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 11.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3)
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during is damaged as the term hereof from any causeresult of an event of casualty, except if due then subject to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinprovisions below, Landlord shall, to shall repair that damage as soon as reasonably possible unless: (i) Landlord reasonably determines that the extent cost of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third would exceed ten percent (33-1/310%) of the full replacement cost thereof at of the time Building (“Replacement Cost”) and the damage is not covered by Landlord’s fire and extended coverage insurance (or by a normal extended coverage policy should Landlord fail to carry that insurance); or (ii) Landlord reasonably determines that the cost of such repair would exceed twenty-five percent (25%) of the Replacement Cost; or (iii) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the Replacement Cost and the damage or destructionoccurs during the final twelve (12) months of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, or if Landlord shall so notify Tenant in the sole opinion of Landlord the restoration “Casualty Notice” (as defined below), and this Lease shall terminate as of the demised premises candate of delivery of that notice.
(b) As soon as reasonably practicable following the casualty event but not be completed within six later than sixty (660) months from days thereafter, Landlord shall notify Tenant in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the occurrence Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds two hundred seventy (270) days and if the damage is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madePremises, then Landlord Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord within ninety ten (9010) days after following delivery of the occurrence Casualty Notice.
(c) Provided that Tenant is not in default, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of such the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, but subject to Section 10.5, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or destructiontermination rights, if the damage is due to the fault or neglect of Tenant or its employees, subtenants, contractors, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any Tenant Installations, fixtures and other items that Tenant is obligated to insure pursuant to Exhibit D or any other provision of this Lease.
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinis damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Share); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including, without limitation, Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an event of default by Tenant has occurred and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof continuing at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, or if in earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the sole opinion Premises within two hundred seventy (270) days after the date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises, but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant's insurance described in Exhibit D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of such termination within ninety Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(90e) days after Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the occurrence Premises to facilitate all inspections of such the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during is damaged as the term hereof from any cause, except if due to the negligent acts or emissions result of Tenant its agents or employees, or to the failure on the part an event of Tenant to perform or observe any of Tenants covenants or conditions contained hereincasualty, Landlord shall, to shall repair that damage as soon as reasonably possible unless: (
i) Landlord reasonably determines that the extent cost of repair would exceed ten percent (1O%) of the proceed available to Landlord from full replacement cost of the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in Building ("Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, Replacement Cost") and the replacement of its stock-in-trade, trade fixture, furniture, furnishings damage is not covered by Landlord's fire and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair extended coverage insurance (or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause normal extended coverage policy should Landlord fail to carry that insurance); or casualty other than those covered by said insurance, or by any cause at any time during (
ii) Landlord reasonably determines that the last two (2) years cost of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirtyrepair would exceed twenty-three and one-third five percent (33-1/325%) of the replacement cost thereof at the time of such damage or destructionReplacement Cost, or if (iii) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the Replacement Cost and the damage occurs during the final twelve (12) months of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the sole opinion of Landlord the restoration "Casualty Notice" (as defined below), and this Lease shall terminate as of the demised premises candate of delivery of that notice.
(b) As soon as reasonably practicable following the casualty event but not be completed within six later than sixty (660) months from days thereafter, Landlord shall notify Tenant in writing ("Casualty Notice") of Landlord's election, if applicable, to terminate this Lease. If this Lease is not so terminated, the occurrence Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds two hundred seventy (270) days and if the damage is so extensive as to reasonably prevent Tenant's substantial use and enjoyment of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madePremises, then Landlord Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord within ninety ten (9010) days after following delivery of the occurrence Casualty Notice.
(c) To the extent and for the period that Landlord is entitled to reimbursement from the proceeds of such rental interruption insurance carried by Landlord as part of Operating Expenses, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or destructiontermination rights, if the damage is due to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
Appears in 1 contract
Sources: Office Space Lease (Pharmaprint Inc)
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during is damaged as the term hereof from any causeresult of an event of casualty, except if due then subject to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinprovisions below, Landlord shall, to shall repair that damage as soon as reasonably possible unless: (i) Landlord reasonably determines that the extent cost of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third would exceed ten percent (33-1/310%) of the full replacement cost thereof at of the time Building ("Replacement Cost") and the damage is not covered by Landlord's fire and extended coverage insurance (or by a normal extended coverage policy should Landlord fail to carry that insurance); or (ii) Landlord reasonably determines that the cost of such repair would exceed twenty-five percent (25%) of the Replacement Cost; or (iii) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the Replacement Cost and the damage or destructionoccurs during the final twelve (12) months of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, or if Landlord shall so notify Tenant in the sole opinion of Landlord the restoration "Casualty Notice" (as defined below), and this Lease shall terminate as of the demised premises candate of delivery of that notice.
(b) As soon as reasonably practicable following the casualty event but not be completed within six later than sixty (660) months from days thereafter, Landlord shall notify Tenant in writing ("Casualty Notice") of Landlord's election, if applicable, to terminate this Lease. If this Lease is not so terminated, the occurrence Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds two hundred seventy (270) days and if the damage is so extensive as to reasonably prevent Tenant's substantial use and enjoyment of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madePremises, then Landlord Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord within ninety ten (9010) days following delivery of the Casualty Notice.
(c) From and after the occurrence sixth (6th) business day following the casualty event, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of such the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, but subject to Section 10.5, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or destructiontermination rights, if the damage is due to the fault or neglect of Tenant or its employees, subtenants, contractors, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any Tenant Installations, fixtures and other items that Tenant is obligated to insure pursuant to Exhibit D or any other provision of this Lease.
Appears in 1 contract
Restoration. In the event of the partial or total damage or destruction of the building of which the demised premises are a part If, at any time during the term hereof from any causeTerm, except if due to the negligent acts Project or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally are damaged or destroyed by a cause fire or casualty other than those covered by said insuranceinsured casualty, Landlord shall notify Tenant within sixty (60) days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or by any cause at any time during the last two Premises, as applicable (2the “Restoration Period”). If the Restoration Period is estimated to exceed twelve (12) years months (the “Maximum Restoration Period”), Landlord may (subject to Tenant’s right to continue the Lease in effect as set forth below in this Section 18), in such notice, elect to terminate this Lease as of the term hereof or in date that is seventy-five (75) days after the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent date of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time discovery of such damage or destruction. Notwithstanding Landlord’s election to restore, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord delivered within ten (10) business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. If Landlord elects to terminate this Lease, Tenant shall have the right by written notice to Landlord delivered within ten (10) business days of receipt of Landlord’s notice of termination, to elect to continue this Lease in effect for the lesser of (A) the remainder of the Term and (B) up to two (2) years from the date of Landlord’s notice (the “Casualty Loss Extension Period”); provided, however, that Rent during the Casualty Loss Extension Period shall be adjusted so that Tenant shall pay Rent as set forth herein on the entire Premises and on any portion of the Project for which Landlord is prevented from commencing restoration and is not collecting Rent because Tenant has elected to continue the Lease in effect during the Casualty Loss Extension Period; provided, further, Tenant may not elect to continue this Lease for the Casualty Loss Extension Period if, as a result of the applicable damage or destruction, the Building or the Premises (x) have been rendered untenantable or unsafe for occupation, as reasonably determined by Landlord or (y) cannot be occupied under applicable laws. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with up to $50,000 of any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”). Notwithstanding the foregoing, Landlord shall have no obligation to restore the Project or the Premises or any portion thereof during any Casualty Loss Extension Period. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord may terminate this Lease if the Premises are damaged during the last one (1) year of the Term and Landlord reasonably estimates that it will take more than two (2) months to repair such damage, or if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord, at its sole cost, provides Tenant with other space in the ▇▇▇▇▇▇ ▇▇▇▇▇ area of San Diego, California, during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. In the event of any damage or destruction to the Premises within the last twelve (12) months of the Term that would take longer than three (3) months from the date of such termination casualty to fully restore, Tenant shall have the option to terminate this Lease by delivery of written notice to Landlord within ninety ten (9010) business days after receipt of written notice from Landlord specifying the occurrence of estimated time to restore such damage or destruction. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Project. Any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or to any damage or destruction to all or any part of the Premises or any other portion of the Project. The parties hereto expressly agree that this Section 18 sets forth their entire understanding and agreement with respect to such matters.
Appears in 1 contract
Restoration. In the event of the partial Demised Premises or total damage or destruction of the building of which the demised premises are Demised Premises constitute a part during shall be partially damaged or destroyed by fire or other casualty to the term hereof from any causeextent that the cost of repairing or replacing the same will be equal to or less than twenty five percent (25%) of the then replacement value thereof, except if due or in the event Landlord does not elect to terminate this Lease as provided herein and provided the damage or destruction was not caused by the negligent acts or emissions omissions of Tenant its agents Tenant, then Landlord shall repair the damage with reasonable dispatch after notice of such casualty; provided, however, Landlord’s obligation to repair or employees, restore shall be limited to restoring the structural portions of the Demised Premises and shall not include repairs or to the failure on the part restoration of Tenant to perform or observe any of Tenants covenants Tenant’s fixtures, improvements or conditions contained hereinother alterations made by Tenant in or upon the Demised Premises; provided, Landlord shallfurther, to however, in the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to event such damage or destructiondestruction occurs during the last year of the term hereof, provided such repairs a reconstruction can be made under then existing laws and regulationsLandlord shall have the option to terminate this Lease upon written notice to Tenant given at any time before ninety (90) days after the issuance of the proof of loss by the insurance company insuring the building. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and or restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six one hundred eighty (6180) months days from the occurrence date of such casualty subject to delays caused by governmental restrictions, strikes, lockouts, shortages of labor or material, acts of God, war or civil commotion, fire, unavoidable casualty, inclement weather or any other cause beyond the control of Landlord and provided the repair or restoration is not caused by the acts or omissions of Tenant and provided Tenant is not in default of this Lease, Tenant may by written notice to Landlord, terminate this Lease and its obligations hereunder. Notwithstanding anything provided herein to the contrary, Landlord’s obligation to repair or rebuild shall be limited to the amount of the damage or destruction, or if fire insurance proceeds received by Landlord (less any costs incurred by Landlord in collecting the same) in the sole opinion event of any such casualty. In the event the fire insurance proceeds received by Landlord repairs cannot be adequately made(less any costs incurred by Landlord in collecting the same) are insufficient to rebuild the Shopping Center and the Demised Premises, to their condition as they existed immediately prior to such casualty, then Landlord may elect shall have the option to terminate this the Lease by giving written upon notice to Tenant of such termination within ninety (90) days after Landlord’s receipt of the occurrence of entire net insurance proceeds payable with respect to such damage fire or destructioncasualty.
Appears in 1 contract
Sources: Shopping Center Lease Agreement
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair are not available from Landlord’s Property Policy (or if Landlord chooses to self-insure all or any portion of such Property Policy coverage, that the necessary proceeds would not have been available if the Property Policy had been in place through third-party insurers) and/or from its other property insurance policies (if any), including without limitation proceeds to cover any earthquake casualty, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share not to exceed One Hundred Thousand Dollars ($100,000.00) for any single casualty); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an Event of which Default by Tenant has occurred and is continuing; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing (“Landlord’s Notice”) within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord estimates that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord’s Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair and restoration date of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior Landlord’s Notice). In the event Landlord elects to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of terminate this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, Lease (but not in the event of a termination of this Lease by Tenant pursuant to Section 11.1(b) below), Tenant shall have no obligation for reimbursement of Landlord’s insurance deductible.
(b) If Landlord has the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insuranceright to terminate this Lease pursuant to Section 11.1(a) and does not elect to so terminate this Lease, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord’s Notice neither an uncured Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) business days following delivery of Landlord’s Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord’s Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of damage or (ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) business day period, Tenant shall be deemed to have waived any termination right under this Section 1l.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter. Landlord’s repair of material damage shall be at Landlord’s sole cost and expense except for any insurance deductible (for which Tenant shall be responsible for Tenant’s Share, not to exceed One Hundred Thousand Dollars ($100,000.00) for any single casualty). Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3) constructed by Tenant as part of Landlord’s repair of material damage, in which case Tenant shall make available to Landlord upon demand insurance proceeds from insurance required to be maintained by Tenant. If Landlord elects to repair or replace such leasehold improvements and/or Alterations, all insurance proceeds available for such repair or replacement shall be made available to Landlord. Landlord shall have no liability to Tenant in the event that the Premises or the Building has not been fully repaired within the time period specified by Landlord in Landlord’s Notice to Tenant as described in Section 11.1(a). Notwithstanding the provisions of this Article XI, the repair of damage to the Premises to the extent such damage is not material shall be governed by Sections 7.1 and 7.2. Notwithstanding anything to the contrary contained in this Section 11.1(c), if for any reasons other than delays caused by Tenant, or other matters beyond Landlord’s reasonable control, the Premises and/or the Building have not been substantially repaired within the time period specified in Landlord’s Notice to Tenant as described in Section 11.1(a), then Tenant may, by written notice to Landlord given at any time thereafter but prior to the actual date of the substantial completion of the repair of the Premises or the Building, elect to terminate this Lease effective thirty (30) days from and after the date of such notice, provided that if Landlord shall substantially complete such repairs on or before the effective date of such termination, then Tenant’s election to terminate this Lease shall thereupon be cancelled and of no further force or effect. Notwithstanding the foregoing, if at any time during the construction period, Landlord reasonably determines that the substantial completion of said repairs will be delayed beyond the time period specified in Landlord’s Notice (for reasons other than Tenant-caused delays and/or force majeure delays), then Landlord may notify Tenant in writing of such determination and of a new outside date for completion of such repairs, and Tenant must elect within five (5) days of receipt of such notice to either terminate this Lease or waive its right to terminate this Lease provided such repairs are substantially completed within thirty (30) days following the new outside date established by Landlord in such notice to Tenant. Tenant’s failure to elect to terminate this Lease within such five (5) day period shall be deemed Tenant’s waiver of its right to terminate this Lease as provided in this paragraph as to the previous outside date, but not as to the new outside date established by said notice.
(d) Commencing on the date of such material damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the Floor Area of the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises, as reasonably determined by Landlord.
(e) Tenant shall fully cooperate with Landlord in removing Tenant’s personal property and any debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant’s rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may reasonably require.
Appears in 1 contract
Sources: Lease (Senorx Inc)
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during is damaged as the term hereof from any causeresult of an event of casualty, except if due then subject to the negligent acts or emissions provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of Tenant its agents or employees, or the Term remaining on the date of the casualty; (ii) any Mortgagee (defined in Section 13.1) requires that the insurance proceeds be applied to the failure on payment of the part mortgage debt; or (iii) proceeds necessary to pay the full cost of Tenant the repair are not available from Landlord’s insurance, plus deductible, including without limitation earthquake insurance. Should Landlord elect not to perform or observe any repair the damage for one of Tenants covenants or conditions contained hereinthe preceding reasons, Landlord shallshall so notify Tenant in the “Casualty Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice.
(b) As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, Casualty Notice shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and anticipated period for repairing the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such casualty damage. If the anticipated repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair period exceeds 270 days or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time 30 days if during the last two (2) years year of the term hereof or in Term, and if the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty damage is so extensive as to the extent of not less than thirty-three reasonably prevent Tenant’s substantial use and one-third percent (33-1/3%) enjoyment of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madePremises, then Landlord either party may elect to terminate this Lease by giving written notice to the other within 10 days following delivery of the Casualty Notice.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to Section 11.1(b), Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Tenant Installations; provided if the estimated cost to repair such Tenant Installations exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such termination within ninety repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Tenant Installations.
(90d) days From and after the occurrence casualty event, the rental to be paid under this Lease shall be abated in the same proportion that the Floor Area of such the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises.
(e) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section 11.1, but subject to Section 10.5, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to termination rights, if the damage is due to the fault or destructionneglect of Tenant or its employees, subtenants, contractors, invitees or representatives. In addition, the provisions of this Section 11.1 shall not be deemed to require Landlord to repair any Tenant Installations, fixtures and other items that Tenant is obligated to insure pursuant to Exhibit D or under any other provision of this Lease.
Appears in 1 contract
Sources: Lease (SERVICE-NOW.COM)
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during is damaged as the term hereof from any causeresult of an event of casualty, except if due then subject to the negligent acts or emissions provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of Tenant its agents or employees, or to the failure Term remaining on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent date of the proceed casualty; or (ii) proceeds necessary to pay the full cost of the repair are not available to Landlord from the Landlord’s Property Policy and/or from its other property insurance referred to in Station 9.3 hereofpolicies (if any), forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destructioninsurance, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstructionincluding without limitation earthquake insurance, Tenantplus any additional amounts Tenant elects, at its sole cost and expenseoption, to contribute, excluding, however, the deductible (for which Tenant shall be responsible to reimburse Landlord as a “Project Cost”, subject to the terms and limitations of Section (g) of Exhibit B attached to this Lease). Should Landlord elect not to repair the damage for one of the repair preceding reasons, Landlord shall so notify Tenant in the “Casualty Notice” (as defined below), and restoration this Lease shall terminate as of all items the date of delivery of that notice. DocuSign Envelope ID: 7CCC5BBD-E005-4A99-BDC3-12BBFCE51E1A
(b) As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the Casualty Notice shall set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and anticipated period for repairing the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such casualty damage. If the anticipated repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeperiod exceeds 270 days, then Landlord either party may elect to terminate this Lease by giving written notice to the other within 10 business days following delivery of the Casualty Notice. In addition, Tenant may terminate this Lease within 10 business days following receipt of such termination Casualty Notice if the casualty has occurred within ninety the final twelve (9012) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to Section 11.1(b), Landlord shall, at Landlord’s sole cost and expense, repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant's insurance with respect to any Tenant Installations and Landlord shall restore any such Tenant Installations. In the absence of any such notice from Landlord, restoration of the Tenant Installations shall be Tenant’s responsibility at its sole cost and expense.
(d) From and after the casualty event, the rental to be paid under this Lease shall be abated in the same proportion that the Floor Area of the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises.
(e) Notwithstanding anything to the contrary contained in this Section 11.1, if for any reasons other than delays caused by Tenant, or other matters beyond Landlord’s reasonable control (not to exceed thirty (30) days after in the occurrence aggregate), the Premises and/or the Building have not been substantially repaired within the time period specified in the Casualty Notice, then Tenant may, by written notice to Landlord given at any time thereafter but prior to the actual date of the substantial completion of the repair of the Premises or the Building, elect to terminate this Lease. Notwithstanding the foregoing, if at any time during the construction period, Landlord reasonably determines that the substantial completion of said repairs will be delayed beyond the time period specified in the Casualty Notice (for reasons other than Tenant-caused delays and/or force majeure delays not exceeding 30 days in the aggregate), then Landlord may notify Tenant in writing of such damage determination and of a new outside date for completion of such repairs, and Tenant must elect within ten (10) days of receipt of such notice to either terminate this Lease or destructionwaive its right to terminate this Lease provided such repairs are substantially completed prior to the new outside date established by Landlord in such notice to Tenant. Tenant’s failure to elect to terminate this Lease within such ten (10) day period shall be deemed Tenant’s waiver of its right to terminate this Lease as provided in this paragraph as to the previous outside date, but not as to the new outside date established by said notice.
Appears in 1 contract
Sources: Lease Agreement (eHealth, Inc.)
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinis damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is greater than Fifty Thousand Dollars ($50,000.00) and is not covered by Landlord's All-Risk Policy (whether or not Landlord chooses to self-insure such coverage) or by Landlord's other insurance coverages, plus such additional amounts Tenant elects, at its option, to contribute; excluding, however, the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Share); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including, without limitation, Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage damage; (iii) a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Default by Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof has occurred at the time of such damage; or (iv) the damage costs more than Fifty Thousand Dollars ($50,000.00) to repair and occurs during the final nine (9) months of the Term (unless Tenant has validly exercised its option to extend the Term contained in Section 3.3 of this Lease). Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice. Tenant's responsibility for the reimbursement of deductibles contained in this Lease shall be subject to the following limitations: (A) Tenant shall have no responsibility for so-called "co-insurance" requirements for any deficiencies in Landlord's All-Risk Policy coverage; and (B) in no event shall Tenant's obligation for payment or destructionreimbursement of any deductible exceed the amount of One Hundred Thousand Dollars ($100,000.00) for any single casualty. Further, or if in the sole opinion event that Landlord terminates this Lease pursuant to this Section 11.1(a), Tenant shall have no responsibility for reimbursement of any deductible.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the restoration remainder of the demised premises Term; provided that so long as Tenant is not in Default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the Premises, or if are not in fact repaired by Landlord, within two hundred seventy (270) days after the sole opinion date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord either within ninety the sixty (9060) day period stated in subsection (a), or within sixty (60) days following Landlord's failure to so repair the Premises within two hundred seventy (270) days after the occurrence date of such damage.
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises, provided that Tenant is then carrying the business interruption insurance required in Exhibit D.
(d) The provisions of this Section 11.1 shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(e) Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entering into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a nondiscriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful determination of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory; subject, however, to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may reasonably require.
Appears in 1 contract
Sources: Industrial Lease (Alsius Corp)
Restoration. In the event of the partial If any building or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure improvement on the part of Tenant to perform Demised Premises or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, replacement thereof shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or partially destroyed by any cause or casualty to the extent such taking of not less than thirty-three all or substantially all thereof and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises canthis Lease shall not be completed within six (6) months from the occurrence terminated by reason thereof, Tenant shall be entitled to receive such portion of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then any award to which Landlord may elect be entitled, as will be sufficient to terminate this Lease by giving written notice to Tenant pay for the costs of restoring and rebuilding such termination building(s) and improvement(s) and within ninety (90) days after the occurrence receipt by Tenant of such sum, Tenant shall proceed with reasonable diligence to conduct any necessary demolition and to repair, replace or rebuild, any remaining part of said building(s) and improvement(s), or of any replacement thereof not so taken, so as to constitute such remaining part thereof a complete, useable building in substantially the same condition and repair as the building(s) and improvements were in prior to any such taking; and Tenant shall hold that portion of any award received by Tenant pursuant to this Section in trust to apply the same to the cost and expense of such demolition, repairing, replacing and rebuilding. If the cost of any work necessary to repair, replace or rebuild (including any necessary demolition work) any damage to or destructiondestruction of the building(s) and improvement(s) or any replacement or replacements thereof shall equal or exceed an aggregate cost of One Hundred Thousand ($100,000) Dollars, the same shall be conducted under the supervision of an architect or engineer selected by Tenant and approved in writing by Landlord, which approval Landlord agrees shall not be unreasonably withheld or delayed. Whenever pursuant to this Section Tenant is entitled to receive the proceeds of an award in excess of $100,000 in amount for the purpose of applying the same to the cost of demolishing, repairing, replacing or rebuilding, such proceeds shall be paid to the Insurance Trustee provided for in Article XV, to be disposed of by such Insurance Trustee in the manner provided in Article XII.
Appears in 1 contract
Sources: Lease Agreement (Integrated Living Communities Inc)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that the full cost of repair (exclusive of any deductible up to seven and one-half percent of the partial or total damage or destruction of the building of loss amount) is not covered by Landlord's insurance that Landlord is required to maintain by this Lease which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the Landlord carries and includes as part of Operating Expenses, including without limitation earthquake insurance, plus such additional amounts Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantelects, at its sole cost and expenseoption, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Share as an Operating Expense); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within one (1) year after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an uncured Event of Default by Tenant has occurred and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof remains uncured at the time of such casualty; or (iv) the material damage or destructionoccurs during the final twelve (12) months of the Term. Landlord shall notify Tenant in writing ("LANDLORD'S NOTICE") within thirty (30) days after the damage occurs as to (A) whether Landlord is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, or the number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to be fully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date of Landlord's Notice. Notwithstanding the foregoing, Landlord shall only have the right to terminate this Lease under (i) above if Landlord terminates the leases of all tenants in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if Project similarly damaged by such casualty and such tenants have comparable rights and obligations in the sole opinion event of such casualty.
(b) If Landlord repairs canhas the right to terminate this Lease pursuant to Section 11.1(a) and does not be adequately madeelect to so terminate this Lease, and provided that at the time of Landlord's Notice no uncured Event of Default exists under this Lease, then Landlord within fifteen (15) business days following delivery of Landlord's Notice pursuant to *** Confidential treatment has been requested for the redacted text of this document. The confidential redacted text has been omitted and filed separately with the Securities and Exchange Commission.
Section 11.1 (a), Tenant may elect to terminate this Lease by giving written notice to Landlord, but only if (i) Landlord's Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within twelve (12) months after the date of damage (the "MAXIMUM PERIOD") or (ii) the casualty has occurred within the final twelve (12) months of the Term and Tenant of is prevented from using the Premises for sixty (60) consecutive days due to such damage. If Tenant fails to provide such termination notice within ninety such fifteen (9015) days after business day period, Tenant shall be deemed to have waived any termination right under this Section 11.1(b) or any other applicable law.
(c) In the occurrence event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building resulting from a casualty, Landlord shall, except as provided in subsection (e) below, repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Notwithstanding the foregoing, the repair of damage to the Premises to the extent such damage or destructionis not material shall be governed by Sections 7.1 and 7.
Appears in 1 contract
Sources: Lease Agreement (Broadcom Corp)
Restoration. In (a) If the Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair are not available from Landlord’s insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share, provided that in no event shall Tenant’s Share of a deductible be greater than Fifty Thousand Dollars ($50,000) for any single casualty [the “Deductible Cap” herein]); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an Event of which Default by Tenant has occurred; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing (“Landlord’s Notice”) within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord estimates that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate thirty (30) days following the date of such reconstruction, Tenant, at its sole cost delivery of Landlord’s Notice.
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord’s Notice neither an Event of Default exists nor has Landlord delivered to Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within thirty (30) days following delivery of Landlord’s Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord’s Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of damage or (ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises. If Tenant fails to provide such termination notice within such thirty (30) day period, Tenant shall be deemed to have waived any termination right under this Section 11.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall diligently repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter. Landlord’s repair of material damage shall be at Landlord’s sole cost and expense except for any insurance deductible (for which Tenant shall be responsible for Tenant’s Share not to exceed, however, the Deductible Cap). Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3) constructed by Tenant as part of Landlord’s repair of material damage, in which case Tenant shall make available to Landlord upon demand insurance proceeds from insurance required to be maintained by Tenant. If Landlord elects to repair or replace such leasehold improvements and/or Alterations, all insurance proceeds available for such repair or replacement shall be made available to Landlord. Landlord shall have no liability to Tenant in the event that the Premises or the Building has not been fully repaired within the time period specified by Landlord in Landlord’s Notice to Tenant as described in Section 11.1(a). Notwithstanding anything to the contrary contained in this Section 11.1(c), if for any reasons other than delays caused by Tenant, or other matters beyond Landlord’s reasonable control, the Premises and/or the Building have not been substantially repaired within thirty (30) days following the time period specified in Landlord’s Notice to Tenant as described in Section 11.1(a), then Tenant may, by written notice to Landlord given at any time thereafter but prior to the actual date of the substantial completion of the repair of the Premises or the Building, elect to terminate this Lease effective thirty (30) days from and after the date of such notice; provided that if Landlord shall substantially complete such repairs on or before the effective date of such termination, then Tenant’s election to terminate this Lease shall thereupon be cancelled and of no further force or effect. Notwithstanding the foregoing, if at any time during the construction period, Landlord reasonably determines that the substantial completion of said repairs will be delayed beyond the time period specified in Landlord’s Notice (for reasons other than Tenant-caused delays and/or force majeure delays), then Landlord may notify Tenant in writing of such determination and of a new outside date for completion of such repairs, and Tenant must elect within five (5) days of receipt of such notice to either terminate this Lease or waive its right to terminate this Lease, provided such repairs are substantially completed within thirty (30) days following the new outside date established by Landlord in such notice to Tenant. Tenant’s failure to elect to terminate this Lease within such five (5) day period shall be deemed Tenant’s waiver of its right to terminate this Lease as provided in this paragraph as to the previous outside date, but not as to the new outside date established by said notice.
(d) Commencing on the date of such material damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the Floor Area of the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises, as determined by Landlord, but only to the extent that Landlord is entitled to reimbursement from the proceeds of the business interruption insurance required to be maintained by Tenant pursuant to Exhibit D.
(e) Subject to the provisions of Section 10.5, in the event the damage or destructiondestruction to the Premises or Building are due in substantial part to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives, the costs of such repairs or replacement to the Premises or Building shall be borne by Tenant, and in addition, Tenant shall not be entitled to terminate this Lease as a result, notwithstanding the provisions of Section 11.1(b).
(f) Tenant shall fully cooperate with Landlord in removing Tenant’s personal property and any debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant’s rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Sources: Lease (Sonics, Inc.)
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinis damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Share); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an event of default by Tenant has occurred and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof continuing at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, or if in earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the sole opinion Premises within two hundred seventy (270) days after the date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises, but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant's insurance described in EXHIBIT D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of such termination within ninety Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(90e) days after Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the occurrence Premises to facilitate all inspections of such the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnifies and waivers of liability which Landlord may require.
Appears in 1 contract
Restoration. In the event If neither party exercises its election under Section 6.1, this Lease shall continue in force, and a just proportion of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any causerent reserved, except if due according to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the nature and extent of the proceed available to damages sustained by the Premises, shall be suspended or abated until the Premises, or what may remain thereof, shall be put by Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was such were in immediately prior to such damage or destructiontaking, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated covenants to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty do with reasonable diligence but only to the extent permitted by the net proceeds of not any insurance recovered or damages awarded for such taking, destruction or damage and subject to zoning and building laws then in existence. “Net proceeds of any insurance recovered or damages awarded” refers to the gross amount of such insurance or damages less than thirty-three and one-third percent (33-1/3%) the expenses of Landlord in connection with the collection of the replacement cost thereof at same, including, without limitation, fees and expenses for legal and appraisal services, and further reduced by the time amount of such damage or destruction, or if in the sole opinion of Landlord the restoration proceeds any mortgagee of the demised premises canPremises declines to make available for such restoration. If such restoration is not be completed substantially completed, within six (6) months from the occurrence of the date of such damage or destructiontaking, Tenant may terminate this Lease by the giving of written notice to Landlord within thirty (30) days after the expiration of such six (6) month period, provided such substantial completion has not occurred within such thirty (30) day period. If the net proceeds of insurance recovered or if in the sole opinion of Landlord repairs candamages awarded shall not be adequately sufficient to allow Landlord to restore the Premises to substantially the same condition they were in prior to such damage or taking, then (unless Landlord shall elect to make up any such deficiency out of other funds) Landlord shall give written notice of such fact to Tenant within ten (10) days after such settlement on the proceeds or damages has been made, then Landlord may elect and Tenant shall have the right, at its election, to terminate this Lease or to allow this Lease to continue and make such improvements to the Premises, at Tenant’s expense, as Tenant may deem advisable, subject to Landlord’s rights in this Lease with respect to such construction by Tenant. Should Tenant elect to terminate as provided in the immediately preceding sentence, it shall do so by giving Landlord written notice to Tenant of such termination within ninety ten (9010) days after receipt by Tenant of the occurrence of such damage or destructionnotice referred to in the immediately preceding sentence.
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinis damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is greater than Fifty Thousand Dollars ($50,000.00) and is not covered by Landlord’s All-Risk Policy (whether or not Landlord chooses to self-insure such coverage) or by Landlord’s other insurance coverages, plus such additional amounts Tenant elects, at its option, to contribute; excluding, however, the deductible (for which Tenant shall be responsible for Tenant’s Share); (ii) Landlord reasonably determines that the repair and restoration Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of all items set forth in "Description the presence of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualtyhazardous factors, including, without limitation, Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage damage; (iii) a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Default by Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof has occurred at the time of such damage; or (iv) the damage costs more than Fifty Thousand Dollars ($50,000.00) to repair and occurs during the final nine (9) months of the Term (unless Tenant has validly exercised its option to extend the Term contained in Section 3.3 of this Lease). Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice. Tenant’s responsibility for the reimbursement of deductibles contained in this Lease shall be subject to the following limitations: (A) Tenant shall have no responsibility for so-called “co-insurance” requirements for any deficiencies in Landlord’s All-Risk Policy coverage; and (B) in no event shall Tenant’s obligation for payment or destructionreimbursement of any deductible exceed the amount of One Hundred Thousand Dollars ($100,000.00) for any single casualty. Further, or if in the sole opinion event that Landlord terminates this Lease pursuant to this Section 11.1(a), Tenant shall have no responsibility for reimbursement of any deductible.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the restoration remainder of the demised premises Term; provided that so long as Tenant is not in Default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, earthquake faults, and other similar dangers) so as to allow Tenant’s substantial use and enjoyment of the Premises, or if are not in fact repaired by Landlord, within two hundred seventy (270) days after the sole opinion date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord either within ninety the sixty (9060) day period stated in subsection (a), or within sixty (60) days following Landlord’s failure to so repair the Premises within two hundred seventy (270) days after the occurrence date of such damage.
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises, provided that Tenant is then carrying the business interruption insurance required in Exhibit D.
(d) The provisions of this Section 11.1 shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(e) Tenant shall fully cooperate with Landlord in removing Tenant’s personal property and any debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entering into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a nondiscriminatory manner, without being deemed to have violated Tenant’s rights of quiet enjoyment to, or made an unlawful determination of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory; subject, however, to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may reasonably require.
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinis damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Share); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including, without limitation, Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an event of default by Tenant has occurred and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof continuing at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, or if in earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the sole opinion Premises within two hundred seventy (270) days after the date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises, but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant's insurance described in EXHIBIT D.
(d) In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of such termination within ninety this Lease.
(90e) days after Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the occurrence Premises to facilitate all inspections of such the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a nondiscriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Restoration. In If this Lease is not terminated, Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the event core and shell of the partial or total damage or destruction Building and structural elements of other improvements situated upon the building of which the demised premises are a part during the term hereof from any causePremises, except if due subject to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building following provisions. Such restoration shall be to substantially the same condition which said building was in immediately that existed prior to such damage the Casualty, except for modifications required by Applicable Law or destruction, provided such repairs any other modifications deemed desirable by Landlord (“Landlord’s Restoration”). Landlord shall be paid a reconstruction can be made under then existing laws construction management fee equal to three percent (3%) of the hard and regulationssoft costs of construction in connection with Landlord’s Restoration. In no event shall Landlord be required to spend more for the event of such reconstructionLandlord’s Restoration than the proceeds received by Landlord, whether from Landlord’s insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, at its sole cost and expense, or injury to ▇▇▇▇▇▇’s business resulting in any way from the Casualty or the repair thereof. Landlord shall not be responsible for the repair and restoration of all items set forth in "Description any portion of the non-structural tenant improvements, any improvements or fixtures installed for Tenant's Work" ’s specific business operations, the TI by Landlord (as defined in Exhibit B B), the LCW by Tenant (as defined in Exhibit B), or any Alterations (collectively, the “Tenant Improvements”). If this Lease is not terminated, upon the substantial completion of Landlord’s Restoration, Tenant shall diligently and promptly repair all such damage and restore the Tenant’s Improvements (the “Tenant’s Restoration”) to substantially the same quality, use and usability to the Building and related improvements within Premises as those existing that existed immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate this Lease by giving written notice to Tenant of such termination within ninety (90) days after the occurrence of such damage or destructionCasualty.
Appears in 1 contract
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair is not available from Landlord’s insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an uncured Event of which Default by Tenant has occurred; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing (“Landlord’s Notice”) within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord’s Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord’s Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1 (a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord’s Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord’s Notice pursuant to Section 11.l(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord’s Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of such damage or destruction(ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 11.l(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed or paid for by Landlord pursuant to the Work Letter, if any, so long as insurance proceeds from insurance required to be carried by Tenant are made available to Landlord. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3)
Appears in 1 contract
Sources: Lease (Lsi Logic Corp)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair are not available from Landlord’s insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an uncured Event of which Default by Tenant has occurred and is continuing; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing (“Landlord’s Notice”) within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord estimates that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord’s Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord’s Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord’s Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord’s Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord’s Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of damage or (ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 1l.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter. Landlord’s repair of material damage shall be at Landlord’s sole cost and expense except for any insurance deductible (for which Tenant shall be responsible for Tenant’s Share). Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3) constructed by Tenant as part of Landlord’s repair of material damage, in which case Tenant shall make available to Landlord upon demand insurance proceeds from insurance required to be maintained by Tenant. If Landlord elects to repair or replace such leasehold improvements and/or Alterations, all insurance proceeds available for such repair or replacement shall be made available to Landlord. Landlord shall have no liability to Tenant in the event that the Premises or the Building has not been fully repaired within the time period specified by Landlord in Landlord’s Notice to Tenant as described in Section 11.1(a). Notwithstanding the provisions of this Article XI, the repair of damage to the Premises to the extent such damage is not material shall be governed by Sections 7.1 and 7.2. Notwithstanding anything to the contrary contained in this Section 11.1( c), if for any reasons other than delays caused by Tenant, or other matters beyond Landlord’s reasonable control, the Premises and/or the Building have not been substantially repaired within the time period specified in Landlord’s Notice to Tenant as described in Section 11.1(a), then Tenant may, by written notice to Landlord given at any time thereafter but prior to the actual date of the substantial completion of the repair of the Premises or the Building, elect to terminate this Lease. Notwithstanding the foregoing, if at any time during the construction period, Landlord reasonably determines that the substantial completion of said repairs will be delayed beyond the time period specified in Landlord’s Notice (for reasons other than Tenant-caused delays and/or force majeure delays) then Landlord may notify Tenant in writing of such determination and of a new outside date for completion of such repairs, and Tenant must elect within ten (10) days of receipt of such notice to either terminate this Lease or waive its right to terminate this Lease provided such repairs are substantially completed prior to the new outside date established by Landlord in such notice to Tenant. Tenant’s failure to elect to terminate this Lease within such ten (10) day period shall be deemed Tenant’s waiver of its right to terminate this Lease as provided in this paragraph as to the previous outside date, but not as to the new outside date established by said notice.
(d) Commencing on the date of such material damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the Floor Area of the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises, as determined by Landlord, but only to the extent that Landlord is entitled to reimbursement from the proceeds of the business interruption insurance required to be maintained by Tenant pursuant to Exhibit D.
(e) Landlord shall not be required to repair or replace any improvements or fixtures that Tenant is obligated to repair or replace pursuant to Section 7.1 or any other provision of this Lease and Tenant shall continue to be obligated to so repair or replace any such improvements or fixtures, notwithstanding any provisions to the contrary in this Article XI. In addition, but subject to the provisions of Section 10.5, in the event the damage or destructiondestruction to the Premises or Building are due in substantial part to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives, the costs of such repairs or replacement to the Premises or Building shall be borne by Tenant, and in addition, Tenant shall not be entitled to terminate this Lease as a result, notwithstanding the provisions of Section 11.1(b).
(f) Tenant shall fully cooperate with Landlord in removing Tenant’s personal property and any debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant’s rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Sources: Lease (Biolase Technology Inc)
Restoration. In the event If neither party exercises its election under Section 6.1, this Lease shall continue in force, and a just proportion of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any causerent, except if due additional rent and other charges reserved, according to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the nature and extent of the proceed available to damages sustained by the Premises, shall be suspended or abated until the Premises, or what may remain thereof, shall be put by Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was such were in immediately prior to such damage or destructiontaking, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated covenants to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty do with reasonable diligence but only to the extent permitted by the net proceeds of not any insurance recovered or damages awarded for such taking, destruction or damage and subject to zoning and building laws then in existence. “Net proceeds of any insurance recovered or damages awarded” refers to the gross amount of such insurance or damages less than thirty-three and one-third percent (33-1/3%) the expenses of Landlord in connection with the collection of the replacement cost thereof at same, including, without limitation, fees and expenses for legal and appraisal services, and further reduced by the time amount of such damage or destruction, or if in the sole opinion of Landlord the restoration proceeds any mortgagee of the demised premises canPremises declines to make available for such restoration. If such restoration is not be completed substantially completed, within six (6) months from the occurrence of the date of such damage or destructiontaking, Tenant may terminate this Lease by the giving of written notice to Landlord within thirty (30) days after the expiration of such six (6) month period, provided such substantial completion has not occurred within such thirty (30) day period. If the net proceeds of insurance recovered or if in the sole opinion of Landlord repairs candamages awarded shall not be adequately sufficient to allow Landlord to restore the Premises to substantially the same condition they were in prior to such damage or taking, then (unless Landlord shall elect to make up any such deficiency out of other funds) Landlord shall give written notice of such fact to Tenant within ten (10) days after such settlement on the proceeds or damages has been made, then Landlord may elect and Tenant shall have the right, at its election, to terminate this Lease or to allow this Lease to continue and make such improvements to the Premises, at Tenant’s expense, as Tenant may deem advisable, subject to Landlord’s rights in this Lease with respect to such construction by Tenant. Should Tenant elect to terminate as provided in the immediately preceding sentence, it shall do so by giving Landlord written notice to Tenant of such termination within ninety ten (9010) days after receipt by Tenant of the occurrence of such damage or destructionnotice referred to in the immediately preceding sentence.
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during is damaged as the term hereof from any causeresult of an event of casualty, except if due then subject to the negligent acts or emissions provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of Tenant its agents or employees, or the Term remaining on the date of the casualty; (ii) any Mortgagee (defined in Section 13.1) requires that the insurance proceeds be applied to the failure on payment of the part mortgage debt; or (iii) proceeds necessary to pay the full cost of Tenant the repair are not available from Landlord’s insurance, including without limitation earthquake insurance. Should Landlord elect not to perform or observe any repair the damage for one of Tenants covenants or conditions contained hereinthe preceding reasons, Landlord shallshall so notify Tenant in the “Casualty Notice” (as defined below), to the extent and this Lease shall terminate as of the proceed available to Landlord from the insurance referred to in Station 9.3 hereofdate of delivery of that notice, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence have no further obligations to Landlord, financial or otherwise. In such repair and restoration and circumstance, Landlord shall promptly return the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession remaining balance of the demised premises Security Deposit and any prepayment of rent to the Tenant.
(b) As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall diligently pursue such work notify Tenant in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds 270 days and installation if the damage is so extensive as to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction reasonably prevent Tenant’s substantial use and enjoyment of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madePremises, then Landlord either party may elect to terminate this Lease by giving written notice to the other within 10 days following delivery of the Casualty Notice, and Tenant shall have no further obligations to Landlord, financial or otherwise. In such circumstance, Landlord shall promptly return the remaining balance of the Security Deposit and any prepayment of rent to the Tenant.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to Section 11.1(b), Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant's insurance with respect to any Alterations. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are reasonably determined during the performance of the repairs to such termination within ninety Alterations.
(90d) days From and after the occurrence casualty event, the rental to be paid under this Lease shall be abated in the same proportion that the Floor Area of such the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises.
(e) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section 11.1, but subject to Section 10.4, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or destructiontermination rights, if the damage is due to the fault or neglect of Tenant or its employees, subtenants, contractors, invitees or representatives.
Appears in 1 contract
Restoration. (a) In the event the Building is damaged by fire or other perils covered by extended coverage insurance to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof and if the damage thereto is such that the Building may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening of such casualty and Landlord will receive insurance proceeds sufficient to cover the cost of such repairs, Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and the Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration is such as to require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof or if said insurance proceeds will not be sufficient to cover the cost of such repairs, Landlord may either elect to so repair, reconstruct or restore and this Lease shall continue in full force and effect, or Landlord may elect not to repair, reconstruct or restore and the Lease shall in such event terminate. Under any of said conditions, Landlord shall give written notice to Tenant of its intention within ninety (90) days of the occurrence of such damage. In the event Landlord elects not to restore the Building, this Lease shall terminate on the date thirty (30) days following the date Tenant receives Landlord's written notice indicating Landlord's election to terminate.
(b) In the event the Premises or the Building is damaged or destroyed to the extent of more than ten percent (10%) of its replacement cost by a casualty not covered by a standard fire and extended coverage policy of fire insurance, Landlord may elect to terminate this Lease on the date thirty (30) days following Tenant's receipt of Landlord's written notice of Landlord's election to terminate this Lease. If such damage or destruction is not to such extent, or if Landlord does not elect to terminate this Lease following such damage, Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect.
(c) In the event of any casualty damage, the partial or total damage or destruction of rental provided to be paid under this Lease shall be abated proportionately in the building of ratio which the demised premises Premises are rendered unusable from the date of destruction through the period of such repair, reconstruction or restoration unless (i) the Premises were unusable for a part during period of three (3) business days or less, or (ii) the term hereof from any cause, except if damage is due to the negligent acts fault or emissions neglect of Tenant Tenant, its agents or employees, or to the failure on the part of . Tenant to perform or observe shall not be released from any of Tenants covenants or conditions contained herein, Landlord shall, its obligations under this Lease except to the extent of and upon the proceed available to Landlord from conditions expressly stated in this Section 10.1.
(d) If the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of do not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord permit the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destructiondescribed in this Section 10.1, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate this Lease by giving written notice to Tenant Tenant, in which event this Lease shall terminate thirty (30) days following Tenant's receipt of such termination within ninety notice.
(90e) days after Notwithstanding anything to the occurrence contrary contained in this Article, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises or any portion of such the Building when the damage occurs during the last twenty-four (24) months of the term of this Lease or any extension thereof.
(f) No damages, compensation or claim shall be payable by Landlord by reason of any injury to or interference with Tenant's business or property arising from any damage or destructiondestruction or the making of any repairs, alterations or improvements in or to any portion of the Building or the Premises or in or to fixtures, appurtenances and equipment therein.
(g) Landlord's obligation to repair, reconstruct or restore Tenant's leasehold improvements in the Premises shall be limited to those leasehold improvements originally installed at Landlord's expense; the repair and restoration of any other leasehold improvements shall be promptly performed by Tenant, at Tenant's sole cost and expense, subject to the requirements of Section 6.4 applicable to Tenant's alterations to the Premises.
Appears in 1 contract
Sources: Office Space Lease (DVD Express Inc)
Restoration. In (a) If the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinBuilding is damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance (including any portion of such coverage which Landlord has elected to self-insure) plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualtyproportionate share, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty except to the extent that Landlord's self-insurance coverage is in lieu of such deductible); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot less than thirty-three and one-third percent (33-1/3%) be safely repaired because of the replacement cost thereof presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the damage; (iii) an event of default by Tenant has occurred and is continuing at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within thirty (30) days after the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, or if in earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the sole opinion Premises within two hundred seventy (270) days after the date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the thirty (30) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Building that is rendered unusable by the damage from time to time bears to the total floor area of the Building, but only to the extent that any business interruption insurance proceeds are or will be received by Landlord therefor from Tenant's insurance described in Exhibit D. Notwithstanding the foregoing, rental shall abat▇ ▇▇▇ such period in all events to the extent the casualty was caused by the actions with Landlord, its employees, authorized agents or contractors.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of such termination within ninety Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(90e) days after Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the occurrence Premises to facilitate all inspections of such the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Sources: Industrial Lease (Mai Systems Corp)
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during is damaged as the term hereof from any causeresult of an event of casualty, except if due then subject to the negligent acts provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (ii) any Mortgagee (defined in Section 13.1) requires that the insurance proceeds be applied to the payment of the mortgage debt; or emissions (iii) proceeds necessary to pay the full cost of the repair are not available from Landlord’s insurance, including without limitation earthquake insurance. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the “Casualty Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice; provided that Tenant shall have a reasonable amount of time thereafter to remove its agents or employeespersonal property from the Premises and to otherwise vacate the Premises.
(b) As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds 270 days, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two nine (29) years months of the term hereof or in Lease Term, and if the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty damage is so extensive as to the extent of not less than thirty-three reasonably prevent Tenant’s substantial use and one-third percent (33-1/3%) enjoyment of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madePremises, then Landlord either party may elect to terminate this Lease by giving written notice to the other within 10 days following delivery of the Casualty Notice.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to Section 11.1(b), Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant's insurance with respect to any Alterations. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such termination within ninety Alterations.
(90d) days From and after the occurrence casualty event, the rental to be paid under this Lease shall be abated in the same proportion that the Floor Area of such the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises.
(e) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section 11.1, but subject to Section 10.4, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or destructiontermination rights, if the damage is due to the gross neglect of Tenant or its employees, subtenants, contractors, invitees or representatives.
Appears in 1 contract
Restoration. In the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof hereof, from any cause, except if due to the negligent acts or emissions omissions of Tenant Tenant, its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants Tenant's covenants or conditions contained herein, Landlord shall, to the extent of the proceed proceeds available to Landlord from the insurance referred to in Station Section 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a or reconstruction can be made under then the existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixturetrade fixtures, furniture, furnishings and equipment equipment, and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue prosecute such work and installation to completion. With respect to any damage a or destruction which Landlord is obligated to repair or any may elect to repair order under the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m to the contrary, in the event the demised promises ere premises are partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof hereof, or in the event the demised premises are, or the building in which the demised promises premises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-thirty three and one-third percent (33-1/31/3 %) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of of-Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate this Lease by giving written notice to Tenant of such termination within ninety (90) days after the occurrence of such damage or destruction.
Appears in 1 contract
Sources: Lease Agreement (Meganet Corp)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair are not available from Landlord’s insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an Event of which Default by Tenant has occurred; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing (“Landlord’s Notice”) within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord estimates that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord’s Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord’s Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord’s Notice neither an Event of Default exists nor has Landlord delivered to Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within thirty (30) days following delivery of Landlord’s Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord’s Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of damage or (ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises. If Tenant fails to provide such termination notice within such thirty (30) day period, Tenant shall be deemed to have waived any termination right under this Section 1l.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter. Landlord’s repair of material damage shall be at Landlord’s sole cost and expense except for any insurance deductible (for which Tenant shall be responsible for Tenant’s Share). Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3) constructed by Tenant as part of Landlord’s repair of material damage, in which case Tenant shall make available to Landlord upon demand insurance proceeds from insurance required to be maintained by Tenant. If Landlord elects to repair or replace such leasehold improvements and/or Alterations, all insurance proceeds available for such repair or replacement shall be made available to Landlord. Landlord shall have no liability to Tenant in the event that the Premises or the Building has not been fully repaired within the time period specified by Landlord in Landlord’s Notice to Tenant as described in Section 11.1(a). Notwithstanding the provisions of this Article XI, the repair of damage to the Premises to the extent such damage is not material shall be governed by Sections 7.1 and 7.2.
(d) Commencing on the date of such material damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the Floor Area of the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises, as determined by Landlord, but only to the extent that Landlord is entitled to reimbursement from the proceeds of the business interruption insurance required to be maintained by Tenant pursuant to Exhibit D.
(e) Landlord shall not be required to repair or replace any improvements or fixtures that Tenant is obligated to repair or replace pursuant to Section 7.1 or any other provision of this Lease and Tenant shall continue to be obligated to so repair or replace any such improvements or fixtures, notwithstanding any provisions to the contrary in this Article XI. In addition, but subject to the provisions of Section 10.5, in the event the damage or destructiondestruction to the Premises or Building are due in substantial part to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives, the costs of such repairs or replacement to the Premises or Building shall be borne by Tenant, and in addition, Tenant shall not be entitled to terminate this Lease as a result, notwithstanding the provisions of Section 11.1(b).
(f) Tenant shall fully cooperate with Landlord in removing Tenant’s personal property and any debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant’s rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Sources: Lease (Netlist Inc)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair is not available from Landlord's insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an uncured Event of which Default by Tenant has occurred; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing ("LANDLORD'S NOTICE") within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord's Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord's Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord's Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord's Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord's Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of such damage or destruction(ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant's continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 1l.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter, so long as insurance proceeds from insurance required to be carried by Tenant are made available to Landlord. Landlord shall
Appears in 1 contract
Sources: Lease (Interchange Corp)
Restoration. In (a) If the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinBuilding is damaged, Landlord shall, shall proceed diligently and in good faith to the extent of the proceed available obtain all required permits and to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within proportionate share); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an event of default by Tenant has occurred and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof continuing at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within thirty (30) days after the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, or if in earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the sole opinion Premises within two hundred seventy (270) days after the date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the thirty (30) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Building that is rendered unusable by the damage from time to time bears to the total floor area of the Building, provided that Tenant is then carrying the required business interruption insurance described in EXHIBIT D.
(d) Notwithstanding the provisions of such subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination within ninety rights, if the damage is due to the negligence of Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(90e) days after Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the occurrence Premises to facilitate all inspections of such the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Restoration. In If the event Premises are damaged by fire or other casualty, or if the Building is damaged such that Tenant is deprived of reasonable access to or use and occupancy of the partial or total Premises, the damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, shall be repaired by Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing thereof immediately prior to the casualtydamage; provided, and however, (i) Landlord shall have no obligation to expend more than the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession amount of the demised premises and insurance proceeds actually received by it; (ii) Landlord shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated have no obligation to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurancerestore (x) Tenant’s Property, or by (y) any cause at any time during the last two (2) years of the term hereof Alterations or improvements installed or constructed in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirtyPremises from time-three and oneto-third percent time (33-1/3%) of including the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord Landlord’s Work). Until the restoration of the demised premises cannot Premises is Substantially Completed or would have been Substantially Completed but for Tenant Delay, Fixed Rent, Tenant’s Tax Payment, Tenant’s Operating Payment, and Tenant’s Insurance Payment shall be completed within six (6) months from abated in the occurrence proportion by which the area of the damage part of the Premises which is not usable (or destruction, or if in the sole opinion of Landlord repairs canaccessible) and is not be adequately made, then Landlord may elect to terminate this Lease used by giving written notice to Tenant as a result of such termination within ninety fire or other casualty bears to the total area of the Premises. Effective as of the date which is sixty (9060) days after the occurrence date on which Landlord notifies Tenant of the Substantial Completion of the restoration of the Premises such damage abatement shall cease and promptly thereafter, Tenant shall, at its expense, repair and restore Tenant’s Property and all Alterations to the Premises. Prior to Landlord commencing any restoration work, Tenant shall obtain from all applicable Governmental Authorities all licenses, permits, and approvals that may be required to permit Landlord to enter the Premises and/or to commence any restoration work therein (collectively referred to herein as "Hazardous Materials Clearances”). Notwithstanding any provision contained herein to the contrary, if the restoration work to be performed by Landlord is delayed as a result of any failure by Tenant to obtain any required Hazardous Materials Clearances, then any abatement of Rent provided under this Lease in connection with a fire or destructionother casualty shall be tolled and suspended for the period of any such delay, and shall accrue only from and after the date on which Tenant obtains such Hazardous Materials Clearances.
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinis damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Share); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an event of default by Tenant has occurred and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof continuing at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, or if in earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the sole opinion Premises within two hundred seventy (270) days after the date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises, but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant's insurance described in Exhibit D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of such termination within ninety Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(90e) days after Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the occurrence Premises to facilitate all inspections of such the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Sources: Industrial Lease (Dental Medical Diagnostic Systems Inc)
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinis damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, as soon as reasonably possible at its sole cost expense unless: (i) the damage is not covered by Landlord’s fire and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair extended coverage insurance (or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause normal extended coverage policy, should Landlord fail to carry that insurance); or casualty other than those covered by said insurance, or by any cause at any time during (ii) Landlord reasonably determines that the last two (2) years cost of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirtyrepair would exceed twenty-three and one-third five percent (33-1/325%) of the full replacement cost thereof at of the time Building (Replacement Cost); or (iii) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the Replacement Cost and the damage occurs during the final twelve (12) months of the Lease Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty- (60) days after the damage occurs, and this Lease shall be deemed terminated as of: (a) if Tenant has continued its use and occupancy, and is using and occupying the Premises as of the date of such damage or destructionnotice from Landlord, the thirtieth (30th) day following such notice, or (b) if in Tenant continued to use and occupy the sole opinion Premises after the casualty but ceased such use and occupancy prior to the date of Landlord such notice by Landlord, the restoration date on which Tenant ceased its use and occupancy of the demised premises cannot be completed within six Premises, or (6c) months from the occurrence if Tenant ceased its occupancy and use of the Premises on or before the date of the casualty, the date of the casualty.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Lease Term; provided that if the damage or destruction, or if in is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the sole opinion of Landlord repairs cannot be adequately madePremises for more than nine (9) months, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty- (60)-day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the Monthly Rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises.
(d) Notwithstanding the provisions of subsections (a) (b) and (c) of this Section, but subject to the provisions of subsection (e) below, the cost of any repairs shall be borne by Tenant and Tenant shall not be entitled to rental abatement or termination rights if the damage is due to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(e) Notwithstanding any provision herein to the contrary, Landlord and Tenant each hereby waives any and all rights of recovery, claim, action or cause of action, against the other, its agents, officers, employees, partners, servants or shareholders for any insured loss or damage that may occur to the Leased Premises, or any improvements thereto or said Building of which the Leased Premises are a part, or any improvements thereto, or any personal property of such termination within ninety (90) days after party therein, by reason of fire, the occurrence elements, or any other cause which is insured against under the terms of standard commercial casualty risk property insurance policy maintained by Landlord or Tenant, REGARDLESS OF CAUSE OR ORIGIN, INCLUDING NEGLIGENCE OF THE OTHER PARTY HERETO, ITS AGENTS, OFFICERS, EMPLOYEES, PARTNERS, SERVANTS OR SHAREHOLDERS and each party shall cause such damage insurance policies to contain provisions or destructionendorsements wherein each insurer waives its rights of recovery against such parties.
Appears in 1 contract
Restoration. In the event of any damage to or destruction of all or any part of the partial Improvements and whether or total not the insurance proceeds on account of such damage or destruction of shall be sufficient for the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employeespurpose, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of any condemnation of the Premises which does not result in the termination of this Lease, and whether or not the proceeds of any award received on account of such reconstructioncondemnation shall be sufficient for such purpose, Tenant, at its sole cost and expense, shall be responsible for promptly commence and shall thereafter diligently and continuously prosecute to completion the repair restoration, replacement or rebuilding of the Improvements as nearly as practicable to their value, architectural condition and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises character as those existing existed immediately prior to the casualtysuch damage, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery destruction or condemnation so as to it of possession permit resumption of the demised premises use of the Premises for the Permitted Business to as nearly the same degree as possible (such restoration, replacement or rebuilding, together with any temporary repairs and shall diligently pursue such work and installation property protection, are herein collectively referred to completionas "Restoration"). With respect In the event damage to any damage a or destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction substantial portion of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during Improvements occurs within the last two (2) years of the term hereof or Term, Tenant shall have the right, at its election and in the event the demised premises arelieu of fulfilling its obligations under this Section 9.02, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate this Lease by giving upon thirty (30) days' prior written notice to Landlord by paying to Landlord, simultaneously with such notice, a sum equal to all Rent and Additional Rent due from Tenant to Landlord to such early termination date specified by Tenant in its termination notice, together with all insurance proceeds due on account of any damage or destruction of the Premises or any part thereof less and excepting only (i) the amount actually expended by Tenant in demolishing and removing all damaged Improvements and in clearing and cleaning the surface area of the Site described in Exhibit "A" attached hereto, and (ii) insurance proceeds attributable to Tenant's furniture, trade fixtures and personal property to the extent the total insurance proceeds exceed the full insurable value of the Improvements, and by surrendering the Premises to Landlord, on or before the effective date of such termination, in a clean and sightly condition, free of any and all debris and free of damaged Improvements. Tenant's obligation to demolish and remove damaged Improvements shall survive any termination within ninety (90) days after the occurrence of such damage or destructionthis Lease.
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinBuilding is damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall diligently repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance (or, if Landlord is self-insuring, would not be covered by a standard all-risk policy, subject to standard exclusions), plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within proportionate share); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an event of default by Tenant has occurred and shall diligently pursue such work and installation to completion. With respect to is continuing beyond any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof applicable cure period at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease beyond any applicable cure period, if, the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, or if in earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the sole opinion Premises within two hundred seventy (270) days after the date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Building that is rendered unusable by the damage from time to time bears to the total floor area of the Building, but only to the extent that any rental abatement Insurance proceeds are received by Landlord therefor from Tenant's insurance described in Exhibit D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(e) Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any non-structural debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require. If damage or destruction rendering the Premises unusable occurs during the final twelve (12) months of the Lease Term or the final twelve (12) months of any extension period which cannot be repaired within sixty (60) days following such termination damage or destruction, Tenant shall have the option to terminate the Lease by providing Landlord written notification of Tenant's election to terminate within ninety thirty (9030) days after the occurrence damage occurs. For all purposes of such this Section 11.1, damage or destructionto Tenant's parking areas and access to the Premises shall be deemed damage to the Building.
Appears in 1 contract
Sources: Industrial Lease (Omm Inc)
Restoration. In (a) If the event of the partial or total damage or destruction of the building Office Building of which the demised premises Premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinis damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, as soon as reasonably possible at its sole cost and expense, shall be responsible for expense unless: (i) the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those not covered by said Landlord's fire and extended coverage insurance, ; or by any cause at any time during (ii) Landlord reasonably determines that the last two (2) years cost of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirtyrepair would exceed twenty-three and one-third five percent (33-1/325%) of the full replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six Office Building (6Replacement Cost); or (iii) Landlord reasonably determines that the cost a repair would exceed ten percent (10%) of the Replacement Cost and the damage occurs during the final twelve (12) months from the occurrence of the Term. Should Landlord elect not to repair the damage or destructionfor one of the preceding reasons, or Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs, and this Lease shall terminate as of the date of notice;
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that if in the sole opinion damage is so extensive as to reasonably prevent Tenant's substantial use and enjoyment of Landlord repairs cannot be adequately madethe Premises for more than nine (9) months, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty-(60)-day period stated in subsection (a).
(c) Commencing on the date of any damage to the Office Building and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises.
(d) Notwithstanding the provisions of subsections (a) (b) and (c) of this Section, the cost of any repairs shall be borne by Tenant and Tenant shall not be entitled to rental abatement or termination rights if the damage is due to the fault or neglect of such termination within ninety (90) days after Tenant or its employees, subtenants, invitees or representatives. In addition, the occurrence provisions of such damage this Section shall not be deemed to require Landlord to repair any improvements or destructionfixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinis damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Share); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an event of default by Tenant has occurred and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof continuing at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, or if in earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the sole opinion Premises within two hundred seventy (270) days after the date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Premises that is rendered unusable by the damage from time to time bears to the total floor area of the Premises, but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant's insurance described in EXHIBIT D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of such termination within ninety Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(90e) days after Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the occurrence Premises to facilitate all inspections of such the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Sources: Industrial Lease (Naturade Inc)
Restoration. In (a) If the event of the partial or total damage or destruction of the building Building of which the demised premises Premises are a part during is damaged as the term hereof from any causeresult of an event of casualty, except if due then subject to the negligent acts or emissions provisions below, Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have been materially damaged and there is less than 1 year of Tenant its agents or employees, or to the failure Term remaining on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent date of the proceed casualty or (ii) proceeds necessary to pay the full cost of the repair are not available to Landlord from the Landlord’s Property Policy and/or from its other property insurance referred to in Station 9.3 hereofpolicies (if any), forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destructioninsurance, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantincluding without limitation earthquake insurance plus any additional amounts Tenant elects, at its sole cost and expenseoption, to contribute, excluding, however, the deductible (for which Tenant shall be responsible to reimburse Landlord as a “Project Cost”, subject to the terms and limitations of Section (g) of Exhibit B attached to this Lease). Should Landlord elect not to repair the damage for one of the repair preceding reasons, Landlord shall so notify Tenant in the “Casualty Notice” (as defined below), and restoration this Lease shall terminate as of all items the date of delivery of that notice.
(b) As soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the Casualty Notice shall set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and anticipated period for repairing the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such casualty damage. If the anticipated repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeperiod exceeds 270 days, then Landlord either party may elect to terminate this Lease by giving written notice to the other within 10 business days following delivery of the Casualty Notice. In addition, Tenant may terminate this Lease within 10 business days following receipt of such termination Casualty Notice if the casualty has occurred within ninety the final twelve (9012) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to Section 11.1(b), Landlord shall, at Landlord’s sole cost and expense, repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Tenant Installations; and Landlord shall restore any such Tenant Installations. In the absence of any such notice from Landlord, restoration of the Tenant Installations shall be Tenant’s responsibility at its sole cost and expense.
(d) From and after the casualty event, the rental to be paid under this Lease shall be abated in the same proportion that the Floor Area of the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises.
(e) Notwithstanding, anything to the contrary contained in this Section 11.1, if for any reasons other than delays caused by Tenant, or other matters beyond Landlord’s reasonable control (not to exceed thirty (30) days after in the occurrence aggregate), the Premises has not been substantially repaired within the time period specified in the Casualty Notice, then Tenant may, by written notice to Landlord given at any time thereafter but prior to the actual date of the substantial completion of the repair of the Premises or the Building, elect to terminate this Lease. Notwithstanding the foregoing, if at any time during the construction period, Landlord reasonably determines that the substantial completion of said repairs will be delayed beyond the time period specified in the Casualty Notice (for reasons other than Tenant-caused delays and/or force majeure delays not exceeding 30 days in the aggregate), then Landlord may notify Tenant in writing of such damage determination and of a new outside date for completion of such repairs, and Tenant must elect within ten (10) days of receipt of such notice to either terminate this Lease or destructionwaive its right to terminate this Lease provided such repairs are substantially completed prior to the new outside date established by Landlord in such notice to Tenant. Tenant’s failure to elect to terminate this Lease within such ten (10) day period shall be deemed Tenant’s waiver of its right to terminate this Lease as provided in this paragraph as to the previous outside date, but not as to the new outside date established by said notice.
Appears in 1 contract
Sources: Lease (Arista Networks, Inc.)
Restoration. In the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due Subject to the negligent acts or emissions rights of Tenant its agents or employees, or to Mortgage Lender under the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, Mortgage Loan Documents and only to the extent the Mortgage Loan is not outstanding and has been paid in full, the following provisions shall apply in connection any Restoration of the proceed Property (other than Section 7.4(b)(iii) below which shall apply both prior to and after the repayment of the Mortgage Loan):
(a) If the Net Proceeds shall be less than the Restoration Threshold and the costs of completing the Restoration shall be less than the Restoration Threshold, the Net Proceeds will be disbursed by Lender to Borrower or Mortgage Borrower upon receipt, provided that all of the conditions set forth in Section 7.4(b)(i) are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement.
(b) If the Net Proceeds are equal to or greater than the Restoration Threshold or the costs of completing the Restoration are equal to or greater than the Restoration Threshold, Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Section 7.4.
(i) The Net Proceeds shall be made available for Restoration provided that each of the following conditions are met:
(A) no Event of Default shall have occurred and be continuing;
(B) (1) in the event the Net Proceeds are insurance proceeds, less than thirty percent (30%) of each of (i) the fair market value of the Property as reasonably determined by Lender, and (ii) the rentable area of the Property has been damaged, destroyed or rendered unusable as a result of a Casualty or (2) in the event the Net Proceeds are condemnation proceeds, less than fifteen percent (15%) of each of (i) the fair market value of the Property as reasonably determined by Lender and (ii) the rentable area of the Property is taken, such land is located along the perimeter or periphery of the Property, no material portion of the Improvements is located on such land and such taking does not materially impair the existing access to Landlord from the Property;
(C) Leases demising in the aggregate a percentage amount equal to or greater than seventy-five percent (75%) of the total rentable space in the Property which has been demised under executed and delivered Leases in effect as of the date of the occurrence of such Casualty or Condemnation, whichever the case may be, shall remain in full force and effect during and after the completion of the Restoration, notwithstanding the occurrence of any such Casualty or Condemnation, whichever the case may be, and Borrower furnishes to Lender evidence satisfactory to Lender that all Tenants under Major Leases shall continue to operate their respective space at the Property after the completion of the Restoration;
(D) Borrower shall cause Mortgage Borrower to commence the Restoration as soon as reasonably practicable (but in no event later than thirty (30) days after the issuance of a building permit with respect thereto) and shall diligently pursue the same to satisfactory completion in compliance with all Applicable Laws, including, without limitation, all applicable Environmental Laws;
(E) Lender shall be satisfied that any operating deficits which will be incurred with respect to the Property as a result of the occurrence of any such Casualty or Condemnation will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred to in Station 9.3 hereofSection 7.1(a)(iii) above, forthwith or (3) by other funds of Mortgage Borrower or Borrower;
(F) Lender shall be satisfied that, upon the completion of the Restoration, the Underwritable Cash Flow of the Property will be sufficient to cover all carrying costs and operating expenses of the Property;
(G) Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur of (1) six (6) months prior to the Maturity Date, (2) the expiration of the insurance coverage referred to in Section 7.1(a)(iii) of the Mortgage Loan Agreement, or (3) such time as may be required under applicable zoning law, ordinance, rule or regulation in order to repair and reconstruct said building restore the Property to substantially the same condition which said building it was in immediately prior to such damage Casualty or destructionCondemnation;
(H) Borrower shall execute and deliver to Lender a completion guaranty in form and substance satisfactory to Lender and its counsel pursuant to the provisions of which Borrower shall guaranty to Lender the lien-free completion by Borrower of the Restoration in accordance with the provisions of this Subsection 7.4(b);
(I) the Property and the use thereof after the Restoration will be in material compliance with and permitted under the Property Documents and all Applicable Law;
(J) the Property Documents will remain in full force and effect during and after the Restoration and a Property Document Event shall not occur as a result of the applicable Casualty, Condemnation and/or Restoration; and
(K) the Restoration shall be done and completed in a reasonably expeditious and diligent fashion and in material compliance with the Property Documents and all Applicable Law.
(ii) The Net Proceeds shall be held by Lender in an interest-bearing account (bearing interest at a rate established by Lender, which may or may not be the highest rate then available) and, until disbursed in accordance with the provisions of this Section 7.4(b), shall constitute additional security for the Debt and other obligations under this Agreement, the Pledge Agreement, the Note and the other Loan Documents. The Net Proceeds (other than the Rent Loss Proceeds) shall be disbursed by Lender to, or as directed by, Borrower from time to time during the course of the Restoration, upon receipt of evidence satisfactory to Lender that (A) all materials installed and work and labor performed (except to the extent that they are to be paid for out of the requested disbursement) in connection with the related Restoration item have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialman’s liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the Property which have not either been fully bonded to the satisfaction of Lender and discharged of record or in the alternative fully insured to the satisfaction of Lender by the title company issuing the Title Insurance Policy.
(iii) All plans and specifications required in connection with the Restoration shall be subject to prior review and acceptance in all respects by Lender and by an independent consulting engineer selected by Lender (the “Casualty Consultant”), such acceptance not to be unreasonably withheld, conditioned or delayed. Lender shall have the use of the plans and specifications and all permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration shall be subject to prior review and acceptance by Lender and the Casualty Consultant, such acceptance not to be unreasonably withheld, conditioned or delayed. All reasonable costs and expenses incurred by Lender in connection with making the Net Proceeds available for the Restoration including, without limitation, reasonable counsel fees and disbursements and the Casualty Consultant’s reasonable fees, shall be paid by Mortgage Borrower or Borrower. Mortgage Borrower shall have the right to settle all claims under the Policies (subject to Lender’s approval of the final settlement, which approval shall not be unreasonably withheld, conditioned or delayed), provided that (a) no Event of Default exists, (b) Mortgage Borrower promptly and with commercially reasonable diligence negotiates a settlement of any such repairs claims and (c) the insurer with respect to the Policy under which such claim is brought has not raised any act of the insured as a reconstruction can be defense to the payment of such claim. If an Event of Default exists, Lender shall, at its election, have the exclusive right to settle or adjust any claims made under then existing laws and regulations. In the Policies in the event of a Casualty.
(iv) In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, minus the Restoration Retainage. The term “Restoration Retainage” as used in this Subsection 7.4(b) shall mean an amount equal to 10% of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until such reconstruction, Tenant, at its sole cost and expense, time as the Casualty Consultant certifies to Lender that Net Proceeds representing 50% of the required Restoration have been disbursed. There shall be responsible no Restoration Retainage with respect to costs actually incurred by Mortgage Borrower for work in place in completing the last 50% of the required Restoration. The Restoration Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Subsection 7.4(b), be less than the amount actually held back by Mortgage Borrower from contractors, subcontractors and materialmen engaged in the Restoration. The Restoration Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Subsection 7.4(b) and that all approvals necessary for the repair re-occupancy and restoration use of the Property have been obtained from all items set forth appropriate governmental and quasi-governmental authorities, and Lender receives evidence satisfactory to Lender that the costs of the Restoration have been paid in "Description full or will be paid in full out of Tenant's Work" the Restoration Retainage, provided, however, that Lender will release the portion of the Restoration Retainage being held with respect to any contractor, subcontractor or materialman engaged in Exhibit B the Restoration as of the date upon which the Casualty Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all improvements within Premises as those existing immediately prior to materials in accordance with the casualtyprovisions of the contractor’s, subcontractor’s or materialman’s contract, and the replacement contractor, subcontractor or materialman delivers the lien waivers and evidence of its stock-in-tradepayment in full of all sums due to the contractor, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and subcontractor or materialman as may be reasonably requested by Lender or by the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession title company insuring the lien of the demised premises and Security Instrument. If required by Lender, the release of any such portion of the Restoration Retainage shall diligently pursue such work and installation to completion. With be approved by the surety company, if any, which has issued a payment or performance bond with respect to any damage a destruction which Landlord is obligated to repair the contractor, subcontractor or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate this Lease by giving written notice to Tenant of such termination within ninety (90) days after the occurrence of such damage or destructionmaterialman.
Appears in 1 contract
Sources: Mezzanine Loan Agreement (Cole Corporate Income Trust, Inc.)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair is not available from Landlord's insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within three hundred sixty five (365) days after the date of the building damage; (iii) an uncured Event of which Default by Tenant has occurred; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term as the Term maybe extended to Tenant pursuant to Section 3.3. Landlord from shall notify Tenant in writing ("LANDLORD'S NOTICE") within sixty (60) days after the insurance referred damage occurs as to in Station 9.3 hereof(A) whether Landlord is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, forthwith repair and reconstruct said building the number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord's Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord's Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord's Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord's Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord's Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of such damage or destruction(ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant's continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 11.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a
Appears in 1 contract
Sources: Lease Agreement (Hyseq Inc)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair are not available from Landlord's insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an Event of which Default by Tenant has occurred; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing ("Landlord's Notice") within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord estimates that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord's Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord's Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord's Notice neither an Event of Default exists nor has Landlord delivered to Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord's Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord's Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of damage or (ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant's continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 11.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter. Landlord's repair of material damage shall be at Landlord's sole cost and expense except for any insurance deductible (for which Tenant shall "be responsible for Tenant's Share). Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3) constructed by Tenant as part of Landlord's repair of material damage, in which case Tenant shall make available to Landlord upon demand insurance proceeds from insurance required to be maintained by Tenant. If Landlord elects to repair or replace such leasehold improvements and/or Alterations, all insurance proceeds available for such repair or replacement shall be made available to Landlord. Landlord shall have no liability to Tenant in the event that the Premises or the Building has not been fully repaired within the time period specified by Landlord in Landlord's Notice to Tenant as described in Section 11.1(a). Notwithstanding the provisions of this Article XI, the repair of damage to the Premises to the extent such damage is not material shall be governed by Sections 7.1 and 7.2. Notwithstanding anything to the contrary contained in this Section 11.1(c), if for any reasons other than delays caused by Tenant or other matters beyond Landlord's reasonable control, the Premises and/or the Building have not been substantially repaired within three hundred sixty-five (365) days after the date of the damage, then Tenant may, by written notice to Landlord given at any time thereafter but prior to the actual date of the substantial completion of the repair of the Premises or the Building, elect to terminate this Lease effective thirty (30) days from and after the date of such notice to Landlord, provided that if Landlord shall substantially complete such repairs on or before the effective date of such termination, then Tenant's election to terminate this Lease shall thereupon be cancelled and of no further force or effect. Notwithstanding the foregoing, if at any time during the construction period, Landlord reasonably determines that the substantial completion of said repairs will be delayed beyond that date which is three hundred sixty-five (365) days after the date of the damage, then Landlord may notify Tenant in writing of such determination and of a new outside date for completion of such repairs, and Tenant must elect within five (5) business days of receipt of such notice to either terminate this Lease or waive its right to terminate this Lease, provided such repairs are substantially completed (but for Tenant-caused delays and/or force-majeure delays) within thirty (30) days following the new outside date established by Landlord in such notice to Tenant. Tenant's failure to elect to terminate this Lease within such five (5) business day period shall be deemed Tenant's waiver of its right to terminate this Lease as provided in this paragraph as to the previous outside date, but not as to the new outside date established by said notice.
(d) Commencing on the date of such material damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the Floor Area of the Premises that is rendered unusable by the damage from time to time bears to the total Floor Area of the Premises, as determined by Landlord, but only to the extent that Landlord is entitled to reimbursement from the proceeds of the business interruption insurance required to be maintained by Tenant pursuant to Exhibit D.
(e) Landlord shall not be required to repair or replace any improvements or fixtures that Tenant is obligated to repair or replace pursuant to Section 7.1 or any other provision of this Lease and Tenant shall continue to be obligated to so repair or replace any such improvements or fixtures, notwithstanding any provisions to the contrary in this Article XI. In addition, but subject to the provisions of Section 10.5, in the event the damage or destructiondestruction to the Premises or Building are due in substantial part to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives, the costs of such repairs or replacement to the Premises or Building shall be borne by Tenant, and in addition, Tenant shall not be entitled to terminate this Lease as a result, notwithstanding the provisions of Section 11.1(b).
(f) Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Sources: Lease Agreement (Hireright Inc)
Restoration. In Notwithstanding anything to the event contrary set forth in Section 5.7, Lender agrees that Lender shall make the Net Restoration Proceeds (other than business interruption insurance proceeds, which shall be held and disbursed as provided in Section 5.7) available to Borrower for Borrower’s restoration and repair of the partial Improvements affected by the Casualty or total damage or destruction Taking (a “Restoration”), as applicable, on the following terms and subject to Borrower’s satisfaction of the building of which following conditions; provided, that Lender shall have the demised premises are a part during the term hereof from any cause, except if due right to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe waive any of Tenants covenants the following conditions in its discretion:
(a) At the time of such Casualty or conditions contained hereinTaking, Landlord shallas applicable, to and at all times thereafter there shall exist no Event of Default;
(b) The Improvements affected by the extent Casualty or Taking, as applicable, shall be capable of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building being restored (including replacements) to substantially the same condition, utility, quality and character, as existed immediately prior to such Casualty or Taking, as applicable, in all material respects with a fair market value and projected cash flow of the Property equal to or greater than prior to such Casualty or Taking, as applicable;
(c) Borrower shall demonstrate to Lender’s reasonable satisfaction Borrower’s ability to pay the Indebtedness coming due during such repair or restoration period (after taking into account proceeds from business interruption insurance carried by Borrower), the following:
(i) in the event of a Casualty, the Casualty resulted in an actual or constructive loss of less than thirty percent (30%) of the fair market value of the Property and less than thirty percent (30%) of the rentable area of the Property, (ii) in the event of a Taking, the Taking resulted in an actual or constructive loss of less than fifteen percent (15%) of the fair market value of the Property and less than fifteen percent (15%) of the rentable area of the Property, less than fifteen percent (15%) of the land constituting the Property is taken, such land is located along the perimeter or periphery of the Property, and no portion of the Improvements is the subject of such Taking, and (iii) in any event, (A) Leases covering at least sixty-five percent (65%) of the rentable square footage of the Property and (B) all Major Leases will remain in full force and effect during and after the Restoration.
(e) Borrower shall have provided to Lender all of the following, and collaterally assigned the same to Lender pursuant to assignment documents acceptable to Lender: (i) an architect’s contract with an architect reasonably acceptable to Lender and complete plans and specifications for the Restoration of the Improvements lost or damaged to the condition, utility and value prior to the applicable Casualty; (ii) fixed-price or guaranteed maximum cost construction contracts with contractors reasonably acceptable to Lender for completion of the Restoration work in accordance with the aforementioned plans and specifications; (iii) such additional funds (if any) as are necessary from time to time, in Lender’s reasonable opinion, to complete the Restoration (which funds shall be held by Lender as additional collateral securing the Indebtedness and shall be disbursed, if at all, pursuant to this Article V); and (iv) copies of all permits and licenses necessary to complete the Restoration in accordance with the plans and specifications and all Legal Requirements.
(f) Borrower shall commence such work within one hundred eighty (180) days after such Casualty or Taking, as applicable, and shall diligently pursue such work to completion;
(g) Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur of (i) the date six (6) months prior to the Maturity Date (as the same may be extended in accordance with this Agreement), (ii) such time as may be required under applicable Legal Requirements in order to repair and restore the Property to the condition which said building it was in immediately prior to such damage Casualty or destructionsuch Taking, provided such repairs a reconstruction can be made under then existing laws and regulations. In as applicable, (iii) the event expiration of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior business interruption insurance coverage referred to the casualtyabove, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery (iv) earliest date required pursuant to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives any Major Lease; and
(h) the provisions of any law authorizing Property and the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost use thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate this Lease by giving written notice to Tenant of such termination within ninety (90) days after the occurrence of such damage or destructionRestoration will be in compliance with all applicable Legal Requirements.
Appears in 1 contract
Sources: Loan Agreement (Behringer Harvard Opportunity REIT II, Inc.)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair is not available from Landlord’s insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant’s Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an uncured Event of which Default by Tenant has occurred; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing (“Landlord’s Notice”) within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord’s Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord’s Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord’s Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord’s Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord’s Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of such damage or destruction(ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant’s continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 1l.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter, so long as insurance proceeds from insurance required to be carried by Tenant are made available to Landlord. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3)
Appears in 1 contract
Sources: Lease (Ista Pharmaceuticals Inc)
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair is not available from Landlord's insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial or total damage or destruction presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of the building damage; (iii) an uncured Event of which Default by Tenant has occurred; or (iv) the demised premises are a part material damage occurs during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent final twelve (12) months of the proceed available Term. Landlord shall notify Tenant in writing ("Landlord's Notice") within sixty (60) days after the damage occurs as to (A) whether Landlord from is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the insurance referred number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord's Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of Landlord's Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord's Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord's Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord's Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of such damage or destruction(ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant's continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 1l.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3)
Appears in 1 contract
Sources: Lease (Ydi Wireless Inc)
Restoration. In (a) If the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinBuilding is damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's "all-risk" fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within proportionate share); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an event of default by Tenant has occurred and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof continuing at the time of such damage; or (iv) the damage or destruction, or if in occurs during the sole opinion of Landlord the restoration final twelve (12) months of the demised premises Term and repair of the same would cost in excess of thirty percent (30%) of the full replacement cost of the Building. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be completed within six (6) months from the occurrence safely repaired because of the damage or destructionpresence of hazardous factors, or if in earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the sole opinion Premises within two hundred seventy (270) days after the date of Landlord repairs cannot be adequately madedamage, then Landlord Tenant may elect to terminate this Lease by giving written notice to Landlord within the sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Building that is rendered unusable by the damage from time to time bears to the total floor area of the Building, but only to the extent that any business interruption insurance coverage required to be maintained by Tenant in accordance with Exhibit D has been properly maintained in effect.
(d) Notwithstanding the provisions of such subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination within ninety rights, if the damage is due to the fault or neglect of Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(90e) days after Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the occurrence Premises to facilitate all inspections of such the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destructiondestruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may require.
Appears in 1 contract
Restoration. In (a) If the event of Premises or the partial Building or total damage or destruction of the building of which the demised premises are a part during the term hereof from thereof are materially damaged by any causefire, except if due to the negligent acts flood, earthquake or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinother casualty, Landlord shall, shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines either (A) that the extent cost of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third would exceed ten percent (33-1/310%) of the replacement cost thereof of the Building and the damage is not covered by Landlord's insurance or (B) that the cost of repair would exceed twenty-five percent (25%) of the Building's replacement cost; (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults and other similar dangers) within two hundred (200) days after the date of the damage; (iii) an uncured Event of Default by Tenant has occurred; or (iv) the material damage occurs during the final twelve (12) months of the Term. Landlord shall notify Tenant in writing ("Landlord's Notice") within thirty (30) days after the damage occurs as to (A) whether Landlord is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the number of days within which Landlord has estimated that the Premises, with reasonable diligence, are likely to be fully repaired (the "Designated Repair Period"). In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord's Notice (which termination date shall in no event be later than thirty (30) days following the date of the damage, or, if no such date is specified, such termination shall be the date of Landlord's Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and does not elect to so terminate this Lease, and provided that at the time of such damage or destructionLandlord's Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within twenty (20) days following delivery of Landlord's Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord's notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred (90200) days after the occurrence date of such damage or destruction(ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant's continued use of the Premises. If Tenant fails to provide such termination notice within such twenty (20) day period, Tenant shall be deemed to have waived any termination right under this Section 11.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Subject to any provision to the contrary in the Work Letter, such repair by Landlord shall include repair of material damage to the Tenant Improvements constructed pursuant to the Work Letter, so long as insurance proceeds from insurance required to be carried by Tenant are made available to Landlord. Landlord shall, subject to Tenant's consent, have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3)
Appears in 1 contract
Restoration. In (a) If the event Premises or the Building or a part thereof are materially damaged by any fire, flood, earthquake or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant if: (i) Landlord reasonably determines that proceeds necessary to pay the full cost of repair are not available from Landlord's insurance, including without limitation earthquake insurance, plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for Tenant's Share); (ii) Landlord reasonably determines that the Premises cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the partial presence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the date of damage; (iii) an uncured Event of Default by Tenant has occurred; or total (iv) the material damage or destruction occurs during the final twelve (12) months of the building Term. Landlord shall notify Tenant in writing ("Landlord's Notice") within sixty (60) days after the damage occurs as to (A) whether Landlord is terminating this Lease as a result of such material damage and (B) if Landlord is not terminating this Lease, the number of days within which Landlord has estimated that the demised premises Premises, with reasonable diligence, are a part during the term hereof from any cause, except if due likely to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulationsfully repaired. In the event Landlord elects to terminate this Lease, this Lease shall terminate as of the date specified for termination by Landlord's Notice (which termination date shall in no event be later than sixty (60) days following the date of the damage, or, if no such reconstructiondate is specified, Tenant, at its sole cost and expense, such termination shall be responsible for the repair date of the Landlord's Notice).
(b) If Landlord has the right to terminate this Lease pursuant to Section 11.1(a) and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior does not elect to the casualtyso terminate this Lease, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof provided that at the time of such damage or destructionLandlord's Notice neither an Event of Default exists nor has Landlord delivered Tenant a notice of any failure by Tenant to fulfill an obligation under this Lease which, or if in unless cured by Tenant within the sole opinion applicable grace period, would constitute an Event of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately madeDefault, then Landlord within ten (10) days following delivery of Landlord's Notice pursuant to Section 11.1(a), Tenant may elect to terminate this Lease by giving written notice to Tenant of such termination Landlord, but only if (i) Landlord's Notice specifies that Landlord has determined that the Premises cannot be repaired, with reasonable diligence, within ninety two hundred seventy (90270) days after the occurrence date of such damage or destruction(ii) the casualty has occurred within the final twelve (12) months of the Term and such material damage has a materially adverse impact on Tenant's continued use of the Premises. If Tenant fails to provide such termination notice within such ten (10) day period, Tenant shall be deemed to have waived any termination right under this Section 11.1(b) or any other applicable law.
(c) In the event that neither Landlord nor Tenant terminates this Lease pursuant to this Section 11.1 as a result of material damage to the Building or Premises resulting from a casualty, Landlord shall repair all material damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the Term. Landlord shall have the right, but not the obligation, to repair or replace any other leasehold improvements made by Tenant or any Alterations (as defined in Section 7.3)
Appears in 1 contract
Restoration. In (a) Trustor shall give prompt written notice of any casualty to the event Property to Beneficiary whether or not required to be insured against. The notice shall describe the nature and cause of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to casualty and the extent of the proceed available damage to Landlord from the Property. Subject to the provisions of this Article 7, Trustor covenants and agrees to commence and diligently pursue to completion the Restoration.
(b) Trustor assigns to Beneficiary all Insurance Proceeds which Trustor is entitled to receive in connection with a casualty whether or not such insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made is required under then existing laws and regulationsthis Deed of Trust. In the event of such reconstructionany damage to or destruction of the Property, Tenantand provided (1) an Event of Default does not currently exist, and (2) Beneficiary has determined that (i) there has not been an Impairment of the Security (as defined in Section 7.2(c)), and (ii) the repair, restoration and rebuilding of any portion of the Property that has been partially damaged or destroyed (the "Restoration") can be accomplished in full compliance with all Requirements to the same general condition, character and general utility as nearly as possible to that existing prior to the casualty and at its sole cost and expenseleast equal in value as that existing prior to the casualty, then the Net Insurance Proceeds shall be responsible for applied to the repair cost of Restoration in accordance with the terms of this Article. Beneficiary shall hold and restoration disburse the Insurance Proceeds less the cost, if any, to Beneficiary of recovering the Insurance Proceeds including, without limitation, reasonable attorneys’ fees and expenses, and adjusters’ fees (the "Net Insurance Proceeds") to the Restoration.
(c) For the purpose of this Article, "Impairment of the Security" shall mean any or all items set forth of the following: (i) any one or more of the Leases covering in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those the aggregate more than 75,000 square feet existing immediately prior to the casualtydamage, and the replacement of its stock-in-tradedestruction, trade fixturecondemnation or casualty shall have been cancelled, furniture, furnishings and equipment and Tenant or shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery contain any exercisable right to it of possession cancel as a result of the demised premises and shall diligently pursue such work and installation damage, destruction or casualty; (ii) the casualty or damage occurs during the last year of the term of the Loan; or (iii) restoration of the Property is estimated to completion. With respect require more than eighteen (18) months to any damage a destruction which Landlord is obligated complete from the date of the occurrence.
(d) If the Net Insurance Proceeds are to repair or any elect to repair order be used for the terms of Restoration in accordance with this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction Trustor shall comply with Beneficiary’s Requirements For Restoration as set forth in Section 7.4 below. Upon Trustor’s satisfaction and completion of the demised premises. Notwithstanding anything above m the contraryRequirements For Restoration and upon confirmation that there is no Event of Default then existing, Beneficiary shall pay any remaining Restoration Funds (as defined in Section 7.4 below) then held by Beneficiary to Trustor.
(e) In the event that the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insuranceconditions for Restoration set forth in this Section have not been met, or by any cause Beneficiary may, at any time during its option, apply the last two (2) years Net Insurance Proceeds to the reduction of the term hereof or Secured Indebtedness in such order as Beneficiary may determine and Beneficiary may declare the event entire Secured Indebtedness immediately due and payable together with the demised premises are, or the building Prepayment Fee. After payment in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) full of the replacement cost thereof at the time of such damage or destructionSecured Indebtedness, or if in the sole opinion of Landlord the restoration of the demised premises cannot any remaining Restoration Funds shall be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect paid to terminate this Lease by giving written notice to Tenant of such termination within ninety (90) days after the occurrence of such damage or destructionTrustor.
Appears in 1 contract
Sources: Deed of Trust, Security Agreement and Fixture Filing (Maguire Properties Inc)
Restoration. In the event of the partial or total damage or destruction of the building of which the demised premises are a part If during the term hereof Lease Term the Premises or the Building are totally or partially damaged or destroyed from any cause, except if due to thereby rendering the negligent acts Premises totally or emissions of Tenant its agents partially inaccessible or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinunusable, Landlord shall, shall diligently (taking into account the time necessary to effectuate a satisfactory settlement with any insurance company involved) restore and repair the extent of Premises and the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building Building to substantially the same condition which said building was they were in immediately prior to such damage or destructiondamage; provided, provided such however, if the repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate this Lease by giving written notice to Tenant of such termination within ninety (90) days after the occurrence of such damage (taking into account the time needed for removal of debris, preparation of plans and issuance of all required governmental permits), Landlord shall have the right, at its sole option, (i) to terminate this Lease by giving written notice of termination to Tenant within sixty (60) days after the occurrence of such damage; or (ii) to relocate Tenant to comparable space in the Building whereupon this Lease shall continue in full force and effect except that such space shall be deemed to be the Premises for all purposes of this Lease subject to the requirements of Section 23.2(ii), or (iii) to restore and repair the Premises; Tenant shall have the right, at its sole option, to terminate this Lease by giving written notice of termination to Landlord within ninety (90) days after the occurrence of such damage. If this Lease is terminated pursuant to the preceding sentence, all rent payable hereunder shall be apportioned and paid to the date of the occurrence of such damage. If this Lease is not terminated as a result of damage, and provided that such damage was not caused by the intentional act or negligence of Tenant, or any of its employees, agents, licensees, subtenants, customers, clients, family members or guests, until the repair and restoration of the Premises is completed Tenant shall be required to pay Base Rent and additional rent only for that part of the Premises that Tenant is able to use while repairs are being made, based on the ratio that the amount of usable rentable area bears to the total rentable area in the Premises. Landlord shall bear the costs and expenses of repairing and restoring the Premises, except that if such damage or destruction was caused by the act or omission of Tenant, or any of its employees, agents, licensees, subtenants, customers, clients, family members or guests, upon written demand from Landlord, Tenant shall pay to Landlord the amount by which such costs and expenses exceed the insurance proceeds, if any, received by Landlord on account of such damage or destruction.
Appears in 1 contract
Restoration. In If the event Demised Premises or the internal Common Areas of the partial Building A or total damage Common Areas used by Subtenant shall be damaged by fire or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately casualty prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises areof this Sublease, or if Subtenant has the building right to terminate this Sublease pursuant to the prior paragraph but does not do so, Sublessor shall enforce its rights under the Parent Lease (including without limitation Parent Landlord’s restoration obligations set forth in which Section 17.02 of the demised promises are situated isParent Lease), damaged or destroyed by any cause but Sublessor shall not be obligated to enforce its self-help rights set forth in Section 22.06 of the Parent Lease. If reconstruction is not substantially complete within eighteen (18) months after the date of the fire or casualty (such eighteen (18) month period to be extended by not more than two (2) months for force majeure), Subtenant may terminate this Sublease by giving notice to Sublessor prior to substantial completion of such reconstruction. In addition, if more than fifty percent (50%) of Building A is destroyed, Sublessor may, without notice from Subtenant, to the extent permitted under the Parent Lease, terminate the Parent Lease, and this Sublease shall terminate simultaneously therewith. Any termination of this Sublease hereunder shall have the effect as if the termination date were the expiration date of this Sublease. If this Sublease is not less than thirty-three and one-third percent (33-1/3%) terminated, Sublessor shall enforce its rights under the Parent Lease to cause Parent Landlord to restore such damage or destruction to substantially the same condition that existed prior to such damage or destruction if it is required to do so pursuant to the Parent Lease. In the event of the replacement cost thereof at the time of any such damage or destruction, or if Subtenant does not terminate this Sublease, Subtenant shall be entitled to a proportionate abatement of Rent during the time and to the extent Subtenant is unable to conduct business in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate this Lease by giving written notice to Tenant of such termination within ninety (90) days after the occurrence of such damage or destructionDemised Premises.
Appears in 1 contract
Restoration. In (a) If the event of the partial or total damage or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained hereinBuilding is damaged, Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith shall repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such that damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenantas soon as reasonably possible, at its sole cost and expense, unless: (i) Landlord reasonably determines that the cost of repair is not covered by Landlord's fire and extended coverage insurance plus such additional amounts Tenant elects, at its option, to contribute, excluding however the deductible (for which Tenant shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within proportionate share not to exceed Fifteen Thousand Dollars ($15,000.00); (ii) Landlord reasonably determines that the Premises as those existing immediately prior to cannot, with reasonable diligence, be fully repaired by Landlord (or cannot be safely repaired because of the casualtypresence of hazardous factors, including without limitation Hazardous Materials, earthquake faults, and other similar dangers) within two hundred seventy (270) days after the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession date of the demised premises damage; (iii) an event of default by Tenant has occurred and shall diligently pursue is continuing at the time of such work and installation to completion. With respect to any damage; or (iv) the damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third exceeds twenty percent (33-1/320%) of the replacement cost thereof at of the time Building and occurs during the final twelve (12) months of the Term unless Tenant has then exercised or then elects to exercise its option to extend the Lease Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in writing within sixty (60) days after the damage occurs and this Lease shall terminate as of the date of that notice. In addition to the foregoing, if the Building is damaged during the last twelve (12) months of the Lease Term, or any extension thereof, and such damage exceeds twenty percent (20%) of the replacement cost of the Building, Tenant shall have the right to terminate the Lease as of the date of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect to terminate this Lease destruction by giving written notice given to Tenant of such termination Landlord within ninety thirty (9030) days after the occurrence of such damage or destruction.
(b) Unless Landlord elects to terminate this Lease in accordance with subsection (a) above, this Lease shall continue in effect for the remainder of the Term; provided that so long as Tenant is not in default under this Lease, if the damage is so extensive that Landlord reasonably determines that the Premises cannot, with reasonable diligence, be repaired by Landlord (or cannot be safely repaired because of the presence of hazardous factors, earthquake faults, and other similar dangers) so as to allow Tenant's substantial use and enjoyment of the Premises within two hundred seventy (270) days after the date of damage, then Tenant may elect to terminate this Lease by written notice to Landlord within the sixty (60) day period stated in subsection (a).
(c) Commencing on the date of any damage to the Building, and ending on the sooner of the date the damage is repaired or the date this Lease is terminated, the rental to be paid under this Lease shall be abated in the same proportion that the floor area of the Building that is rendered unusable by the damage from time to time bears to the total floor area of the Building, but only to the extent that any business interruption insurance proceeds are received by Landlord therefor from Tenant's insurance described in EXHIBIT D.
(d) Notwithstanding the provisions of subsections (a), (b) and (c) of this Section, and subject to the provisions of Section 10.5 above, the cost of any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due to the negligence or willful misconduct of Tenant or its employees, subtenants, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any improvements or fixtures that Tenant is obligated to repair or insure pursuant to any other provision of this Lease.
(e) Tenant shall fully cooperate with Landlord in removing Tenant's personal property and any debris from the Premises to facilitate all inspections of the Premises and the making of any repairs. Notwithstanding anything to the contrary contained in this Lease, if Landlord in good faith believes there is a risk of injury to persons or damage to property from entry into the Building or Premises following any damage or destruction thereto, Landlord may restrict entry into the Building or the Premises by Tenant, its employees, agents and contractors in a non-discriminatory manner, without being deemed to have violated Tenant's rights of quiet enjoyment to, or made an unlawful detainer of, or evicted Tenant from, the Premises. Upon request, Landlord shall consult with Tenant to determine if there are safe methods of entry into the Building or the Premises solely in order to allow Tenant to retrieve files, data in computers, and necessary inventory, subject however to all indemnities and waivers of liability from Tenant to Landlord contained in this Lease and any additional indemnities and waivers of liability which Landlord may reasonably require.
Appears in 1 contract
Sources: Industrial Lease (Scoop Inc/De)
Restoration. In the event If Landlord does not elect to so terminate, this Lease shall continue in force and a just proportion of the partial or total damage or destruction rent reserved, according to the nature and extent of the building of which damages sustained by the demised premises are a part during Premises, shall be suspended or abated until the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employeesPremises, or what may remain thereof, shall be put by Landlord in proper condition for use, which Landlord covenants to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, do with reasonable diligence to the extent permitted by the net proceeds of insurance recovered or damages awarded for such taking, destruction or damage and subject to zoning and building laws or ordinances then in existence. "Net proceeds of insurance recovered or damages awarded" refers to the gross amount of such insurance or damages less the reasonable expenses of Landlord incurred in connection with the collection of the proceed available same, including without limitation, fees and expenses for legal and appraisal services.
A. If the Premises, or any material part thereof shall be damaged or taken, then within thirty (30) days of such event Landlord shall submit to Tenant its good faith estimate of the estimated time to complete such repairs. If such estimate exceeds one hundred eighty (180) days, Tenant may elect, by a written notice sent within fifteen (15) days after notice of such estimate is sent to Tenant, to terminate this Lease.
B. If the Premises, or any material part thereof, shall be damaged or taken, and if Landlord from shall not have restored the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building Premises to substantially the same condition which said building was in immediately as existed prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contraryor, in the event case of a taking, the demised promises ere partially remainder of the Premises to as nearly as practicably may be to the same condition as existed prior to such taking within one hundred fifty (150) days after the date of such casualty or totally damaged or destroyed by a cause or casualty taking for any reason other than those covered by said insuranceTenant's fault, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot be completed within six (6) months from the occurrence of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord Tenant may elect to terminate this Lease by giving Landlord written notice to Tenant after said one hundred fifty (150) day period, effective at the expiration of thirty (30) days after ▇▇▇▇▇▇▇▇ receives said notice; provided, however, that such termination shall be rendered ineffective if, prior to expiration of said thirty (30) day period, Landlord shall have completed such restoration.
C. If less than a material part of the Premises are damaged or taken, and if Landlord shall not have restored the Premises to substantially the same condition as existed prior to such damage or, in the case of a taking, the remainder of the Premises to as nearly as practicably may be to the same condition as existed prior to such taking within ninety sixty (9060) days after the occurrence date of such damage casualty or destructiontaking for any reason other than Tenant's fault, Tenant may terminate this Lease by giving Landlord written notice after said sixty (60) day period, effective at the expiration of thirty (30) days after ▇▇▇▇▇▇▇▇ receives said notice; provided, however that such termination shall be rendered ineffective if, prior to expiration of said thirty (30) day period, Landlord shall have completed such restoration.
Appears in 1 contract
Sources: Lease (Ezenia Inc)
Restoration. In If the event of Premises, the partial Building or total damage the Parking Deck, as the case may be, is damaged by fire or destruction of the building of which the demised premises are a part during the term hereof from any cause, except if due to the negligent acts or emissions of Tenant its agents or employees, or to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, Landlord shall, other casualty to the extent of less than twenty percent (20%) of the value thereof in the reasonable opinion of Landlord, then Landlord shall, except as otherwise provided herein, proceed available with diligence to Landlord from rebuild and restore the insurance referred Parking Deck, the Building and/or the Premises (exclusive of Tenant’s property and improvements or alterations that are the property of Tenant), as the case may be, substantially to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in thereof existing immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, Excluded from Landlord’s obligation to rebuild or restore shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty’s personal property, and the replacement of its stock-in-trade, trade fixtureequipment, furniture, furnishings trade fixtures, unapproved alterations or other improvements that were not part of the Premises upon the Commencement Date or alterations approved by Landlord after the Commencement Date. Notwithstanding the foregoing, if by reason of such casualty, (i) the Parking Deck, the Building and/or the Premises are damaged in whole or in part as a result of a risk which is not covered by insurance policies in force and equipment carried by Landlord; or (ii) Landlord’s lender(s) shall not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; or (iii) the Parking Deck, the Office Lease Page 23 Building and/or the Premises are damaged during the final twelve (12) calendar months of the Term (including any properly exercised extensions and renewals, if any); or (iv) Landlord does not reasonably believe that such restoration or repair can be completed within one hundred eighty (180) days of the date of such fire or other casualty, then in any event, Landlord may terminate this Lease by written notice of termination given to Tenant within thirty (30) days after the date of such fire or other casualty, and, unless the reason to terminate was that the casualty occurred during the final twelve (12) calendar months of the Term and within fourteen (14) days of the date of Landlord’s notice Tenant elects to exercise an Extension Option (if Tenant is otherwise entitled to exercise it), then this Lease shall commence terminate. If such termination notice is not given by Landlord within said thirty (30) day period, or if the termination notice is given and reversed by Tenant’s exercise of an Extension Option as provided in the preceding sentence, then Landlord shall repair and restoration and restore the installation of fixturesParking Deck, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completionBuilding and/or the Premises as provided above. With respect to At any damage time after a destruction which casualty event, if Landlord is obligated to repair to, or any elect to repair order the terms has elected to, complete restoration for purposes of this ArticleArticle 15, Tenant hereby waives but Landlord determines that there may be insufficient insurance proceeds to complete such restoration, for whatever reason (whether due to the provisions of any law authorizing the termination of a lease upon the complete or partial destruction cause of the demised premises. Notwithstanding anything above m the contrarydamage or destruction being an uninsured risk, in the event the demised promises ere partially or totally damaged or destroyed by to Landlord’s lender not permitting a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years sufficient amount of the term hereof or in the event the demised premises areinsurance proceeds to be used for restoration purposes, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent insufficiency of not less than thirty-three proceeds after paying the costs of claiming and one-third percent (33-1/3%) collecting the proceeds or for other reasons), Landlord shall notify Tenant immediately of such insufficiency of insurance proceeds, and whether the insufficiency will cause any portion of the replacement cost thereof at Premises to not be restored (excluding Tenant’s property and improvements or alterations that are the time property of Tenant) (a “Notice of Insufficiency”). If Tenant receives a Notice of Insufficiency, which projects that some portion of the Premises will not be substantially restored, and such failure to substantially restore would not permit Tenant to carry on its business to substantially the same extent and with substantially the same effectiveness as before such damage or destruction, or if in the sole opinion then Tenant shall have a period of Landlord the restoration fifteen (15) business days after receipt of the demised premises cannot be completed within six (6) months from the occurrence a Notice of the damage or destruction, or if in the sole opinion of Landlord repairs cannot be adequately made, then Landlord may elect Insufficiency to terminate this Lease by giving written notice to Landlord. If Tenant receives a Notice of such termination within ninety Insufficiency, which projects that the insufficient proceeds will not impair a full restoration of the Premises (90excluding Tenant’s property and improvements or alterations that are the property of Tenant), then Tenant shall not have a right to terminate this Lease, and Landlord shall carry out and complete its restoration of the damage and destruction, and its obligation to restore the Premises shall not be subject to any insufficiency of insurance proceeds. In addition, Tenant may also terminate this Lease, by written notice to Landlord at any time between the 181st and 195th day (exclusive of Force Majeure Delay and Tenant Delay) days after the occurrence of any such damage fire or destructionother casualty if Landlord shall fail to complete the rebuilding and restoration of the Parking Deck, the Building and/or the Premises such that a certificate of occupancy (temporary or final) shall not have been issued within 180 days of such fire or other casualty, exclusive of Force Majeure Delay and Tenant Delay. Termination of this Lease by Tenant shall be Tenant’s sole remedy for Landlord’s failure to rebuild or restore the Premises, the Building and/or the Parking Deck under this Section 15.02. Upon any termination of this Lease under this Section 15.02, Tenant’s liability for Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease.
Appears in 1 contract
Sources: Office Lease (Ncino, Inc.)
Restoration. In If this Lease shall not be terminated pursuant to Section 12.2, Landlord shall thereafter use reasonable efforts to restore the event Premises (excluding any alterations, additions or improvements made by Tenant pursuant to Section 5.2 that have not become part of the partial or total damage or destruction Premises and the property of Landlord as provided therein) to proper condition for Tenant’s use and occupation, provided that so long as Landlord carries the building of which the demised premises are a part during the term hereof from any cause, except if due insurance described in Section 5.5 Landlord’s obligation shall be limited to the negligent acts amount of insurance proceeds available therefor. If, for any reason, either (x) the architect’s or emissions of Tenant its agents or employees, or engineer’s certification delivered by Landlord indicates that the repairs to the failure on the part of Tenant to perform or observe any of Tenants covenants or conditions contained herein, be performed by Landlord shall, to the extent of the proceed available to Landlord from the insurance referred to in Station 9.3 hereof, forthwith repair and reconstruct said building to substantially the same condition which said building was in immediately prior to such damage or destruction, provided such repairs a reconstruction can be made under then existing laws and regulations. In the event of such reconstruction, Tenant, at its sole cost and expense, shall be responsible for the repair and restoration of all items set forth in "Description of Tenant's Work" in Exhibit B and all improvements within Premises as those existing immediately prior to the casualty, and the replacement of its stock-in-trade, trade fixture, furniture, furnishings and equipment and Tenant shall commence such repair and restoration and the installation of fixtures, equipment and merchandise promptly upon delivery to it of possession of the demised premises and shall diligently pursue such work and installation to completion. With respect to any damage a destruction which Landlord is obligated to repair or any elect to repair order the terms of this Article, Tenant hereby waives the provisions of any law authorizing the termination of a lease upon the complete or partial destruction of the demised premises. Notwithstanding anything above m the contrary, in the event the demised promises ere partially or totally damaged or destroyed by a cause or casualty other than those covered by said insurance, or by any cause at any time during the last two (2) years of the term hereof or in the event the demised premises are, or the building in which the demised promises are situated is, damaged or destroyed by any cause or casualty to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof at the time of such damage or destruction, or if in the sole opinion of Landlord the restoration of the demised premises cannot reasonably be expected to be substantially completed within six before the expiration of four (64) months from the occurrence date such repair work commences or (y) despite the use of Landlord’s reasonable efforts, such restoration shall not in fact be substantially completed within four (4) months after the expiration of the damage or destruction, or if sixty day period referred to in the sole opinion of Landlord repairs cannot be adequately madeSection 12.2, then Landlord may elect Tenant shall have the right to terminate this Lease by giving written notice to Tenant of such termination Landlord thereof within ninety thirty (9030) days after the occurrence receipt of such damage estimate or destructionthe expiration of such four (4) month period, (which four-month period may be extended for such periods of time as Landlord is prevented from proceeding with or completing such restoration for any cause beyond Landlord’s reasonable control, but in no event for more than an additional three months), provided that such restoration is not completed within such four (4) month period (as so extended) in either case. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice by Tenant unless, within such 30-day period, Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect thereto.
Appears in 1 contract